Home furnishers and consumer goods retailer Ikea (www.ikea.com) has acquired a 15% minority stake in Dutch plastics recycling company Morssinkhof Rymoplast (Lichtenvoorde; www.morssinkhofplastics.nl). The Swedish-based furniture giant said the investment is part of a EUR 1 bn financial plan to secure a long-term supply of sustainable materials by investing in forestry as well as companies active in recycling, renewable energy development and biomaterial developments.

This is the first investment in recycling under the plan. Morssinkhof Rymoplast processes sorted post-consumer and pure post-industrial plastics, and has a process capacity of about 200,000 t, Ikea said in a statement. The Ikea Group investment will enable Morssinkhof Rymoplast to further develop its capacity and capabilities to produce high quality recycled raw materials made from plastic waste, the retailer stated. The investment will contribute to business expansion opportunities that can save an additional 50,000 t of CO₂ annually due to increased recycling volumes.

Steve Howard, chief sustainability officer at Ikea, said the investment is part of the company’s commitment to the circular economy. "Moving to the circular economy is essential if we are to continue to meet people’s needs and dreams while staying within the limits of one planet," he said. "We want to be part of accelerating this transition – through the investments we make, by changing waste into resources across our operations and enabling millions of people to live a more sustainable life at home."

Last year, Finnish oil producer Neste (Espoo; www.neste.com) has entered into a partnership with the Swedish retailer to promote the use of Neste’s bioplastics (see Plasteurope.com of 19.09.2016).