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June 6, 2024

PET bottle recycling company PET Baltija rebrands as ITERUM

PET Baltija AS (JSC), one of the largest polyethylene terephthalate (PET) bottle recyclers in Northern Europe and part of the largest environmental resource management and waste recycling group in the Baltics, Eco Baltia AS (JSC), is rebranding as ITERUM and introducing a new brand identity as part of a broader business development strategy. This strategic changeis designed to reinforce the company’s market position in the polymer recycling sector and to accelerate its international growth.

Māris Simanovičs, Chairman of the Board of Eco Baltia, explains that the development of recycling plays an important role in the circular economy: “For nearly 20 years we have been at the forefront of PET bottles recycling in Latvia, experiencing significant growth both locally and internationally.  We have evolved from a small Latvian producer to one of the largest players in Northern Europe and with the European Union’s requirements for the use of recycled materials we foresee significant further growth. Our new PET bottle recycling plant in Olaine with increased capacity combined with the ambitious strategy for the company marks a significant milestone in our journey. The introduction of a new corporate identity is the natural next step in our strategic development.”

PET Baltija, now ITERUM, continues to expand its operations by developing a new production facility in Olaine. The construction of the plant is being carried out in several phases and is scheduled for completion in autumn this year. Once fully operational, production capacity is expected to increase by up to 30%. The total area of the new plant will reach around 65,000 m2. This facility will be one of the largest polymer recycling plants in Latvia and among the largest in Northern Europe.

Jūlija Zandersone, Chairwoman of the Board of PET Baltija, now ITERUM, highlighted the resilience of the company amid industry volatility, geopolitical tensions, and energy crisis: “Recycling is a core pillar in circular economy and we have made it our mission to make environmental well-being and reusable resource a top priority to everyone. Although the industry experienced significant challenges last year, we have maintained a stable market position and continue advancing toward our strategic goals. This is demonstrated by the new name and brand, ITERUM, which in Latin stands for “again”, and represents our commitment to being a major player in the circular economy, leading the way and promoting the use of recycled PET material.”

The change to the new legal name ITERUM will have no impact on customers and partners – all contracts and transactions will remain valid. ITERUM plans to present its new brand identity at the prestigious “The Plastics Recycling Show Europe 2024”, which will take place in Amsterdam in June and is dedicated to the plastics recycling industry in Europe. The major companies in the sector will be present at the show to showcase their latest innovations and product portfolio.

ITERUM logo symbolizes an upward journey, focusing attention on investment in the circular economy. The company’s vision is to make sustainable resource usage a natural choice for each individual and mission – make environmental well-being and reusable resources a top priority for everyone.

About ITERUM (formerly PET Baltija AS (JSC)):

ITERUM, previously known as PET Baltija AS (JSC), is one of the largest polyethylene terephthalate (PET) bottle recyclers in Northern Europe, operating in Latvia. It commands a significant 5% market share in Europe. The company closed in 2023 with a turnover of EUR 43.8 million. The recycling portfolio consists of high-quality PET flakes and pellets (including those suitable for food packaging), almost 100% of which are exported. ITERUM is owned by Eco Baltia, the largest environmental and waste management group in the Baltic States, which provides full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale, and raw material processing.