The collaboration will introduce Flake-to-Preform™ (FtoP) Direct Recycling Technology to Thailand through Indovida (Thailand) Limited, a joint venture established by Indorama Ventures and Iwatani Corporation. Jointly developed by Suntory and three partner companies, including Japanese recycling firm Kyoei Industry Co., Ltd., the patented FtoP technology enables PET preforms to be manufactured directly from recycled PET bottles, improving recycling efficiency while reducing environmental impact. The joint venture marks the first commercial deployment of the technology in Southeast Asia and is expected to produce recycled PET preforms equivalent to approximately 400 million PET bottles annually. Beginning in 2028, the preforms will be supplied to Suntory PepsiCo Beverage Thailand.
Through Indovida, Indorama Ventures continues to strengthen its integrated packaging platform by combining its expertise in PET, recycled PET and packaging manufacturing with differentiated technologies and strategic partnerships. The partnership enhances the company's circular packaging capabilities in Thailand and provides a platform to explore future opportunities across Southeast Asia, reinforcing its IVL 2.0 growth strategy while supporting customers' sustainability ambitions.
Each partner contributes complementary capabilities across the packaging value chain. Indorama Ventures contributes expertise in recycled PET, integrated materials and packaging manufacturing. Suntory provides the FtoP recycling technology and implementation know-how developed in Japan, while Iwatani contributes its industrial expertise and long-standing partnership with Suntory. Suntory PepsiCo Beverage (Thailand) will be the first commercial customer for Indorama Ventures to use the recycled PET preforms produced through the project.
