Belgian-Dutch start-up Advanced Plastic Purification International NV (APPI) has decided not to set up in the port of Ostend, the port's CEO, Dirk Declerck said on Tuesday, confirming a report in Flows magazine.
APPI had intended to transform plastic waste into new uses or new products at its proposed plant in Port Ostend. The company was aiming for a total capacity of 500,000 tonnes of plastic per year and the creation of 110 new jobs. ‘The building plans were there, environmental permits were applied for, everything was ready to go,’ said Declerck.
However, a wave of cheap plastics from China has ruined everything, according to the Port Ostend CEO.
‘The market is flooded with virgin plastics from China. If your recycled product is more expensive than cheap Chinese plastics, the business model collapses. That's the case here too," he explained, confirming that this was why the planned investments will no longer be made.
However, in the meantime, the port has attracted another company active in the same sector. "We have signed an agreement with a new company, whose name we shall reveal later," Declerck said. "The company will also create new jobs, but on a smaller scale."
