Recipo Material Cease Plastic Recycling Operations
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In 2018, Recipo made the strategic decision to establish an in-house plastic recycling plant in Riga, with the aim of recycling plastics sourced from small domestic appliances and flat panel displays. The facility was designed to have an annual capacity of 10,000 tons, specializing in sorting and pelleting ABS and PS plastics.
However, due to significant changes in external conditions over the past two to three years—marked by a global pandemic and regional conflict—Recipo Material has struggled to achieve adequate sales of its products. These shifting market dynamics have posed substantial challenges to our profitability. With the plastic recycling market expected to remain highly challenging for the next two years, Recipo has made the difficult decision to cease operations at the recycling plant.
While we regret having to deliver this news, we want to express our sincere gratitude to all staff for their dedication and hard work. It is important to acknowledge that the market conditions for our products do not present a viable path forward in the foreseeable future.