Billionaire Anthony Pratt is set to spend $ 2 billion expanding his Visy crate manufacturing and recycling business in Australia, which he believes will create thousands of new green manufacturing jobs.
Mr. Pratt’s promise adds to the $ 1 billion deal he signed late last year to acquire the Australasian assets of glass manufacturer Owens-Illinois, giving Visy a 90 percent stake in the market for the manufacture of Has beer bottles.
Visy will spend the $ 2 billion over the next 10 years, with the manufacturing tycoon announcing that $ 380 million of spending has been brought forward over the next 18 months due to the federal government’s accelerated depreciation policy
« The committed investment will increase the recycling rate of glass bottles from 30 to 70 percent and reduce landfill through the construction of another clean energy power plant in Victoria that will run on paper mill waste, » said Pratt, along with Prime Minister Scott Morrison, when announcing the new spending initiative in Penrith in Sydney’s western suburbs on Friday.
Visy will also make its Brisbane paper mill greener, making better use of waste paper that was previously supposed to be dumped in Victoria.
The company will also double the capacity of its 100 percent recycled plastics factory in NSW and introduce new programs to reduce water use at Visy’s recycled paper mills by up to 40 percent.
« These initiatives will not only reduce landfills, but will also increase the recycled content of our customers’ packaging (that is) that is re-manufactured here in Australia, » said Pratt.
« They will create thousands of new manufacturing jobs and bring our total investment value in Australia to $ 11 billion.
The Prime Minister said Mr Pratt and Visy had « given the nation a shot in the arm when it comes to Australia’s economic comeback from COVID-19 ».
« It supports the jobs, it supports the technology, it supports the investment, it supports the Australia, » said Morrison.
The promise made by Mr Pratt also came just four years after making a similar $ 2 billion pledge with then Prime Minister Malcolm Turnbull at Visy’s huge paper mill in Tumut, NSW.
The billionaire also made a similar promise in the United States during an appearance with former President Donald Trump. His Pratt Industries has since opened more paper mills and factories in the rust belt states of the United States, and has further expansion plans.
Mr Pratt told The Australian following the Owens-Illinois deal that Visy in Australia would spend an additional $ 500 million over the next 10 years to increase the recycled components of the bottles and make them significantly lighter to reduce transportation costs save up.
He would also quickly improve the management processes and technologies used in O-I’s seven factories across Australia.
The deal has significantly improved Visy’s bottom line as the Australian companies and Pratt Industries in the US posted record earnings and sales in the past year.
Visy had been able to keep its factories open without major disruptions, with each employee’s temperature checked daily. The pandemic has also had a positive impact on business as home deliveries of food and other goods – all wrapped in cardboard boxes – have soared in Australia and the US.
crime
The appeals court pronounced the verdict after a three-day hearing last year.
Rugby League
Cairns Papua New Guinea’s NRL offering may have faded as the redeemed consortia aim to be the 17th NRL team in the southeast corner of the state.
health
Keith Titmuss’s family reached out to Australian Brain Bank to investigate a cause for the young Manly gamer’s sudden death last year.
business
Corporate Australia has repaid more than billions in JobKeeper monies despite booming profits and dividends.
business
Australian Fashion Labels is back in business with a savior from left wing who plans to revive the business.
crime
One of Queensland’s senior police officers will lead a new domestic violence task force following a series of incidents.
News
Victims remain frustrated after the landmark $ 440 million settlement
Unconventional
1 km of road section signals the end of construction work for the busy road
News
One of two sisters tried for assault was found guilty this week
News
After a short break we are back on Facebook, but from our point of view very …
© The Queensland Times Pty Limited 2021. Unauthorized reproduction is prohibited under the laws of Australia and international treaties.
Ref: https://www.qt.com.au
