INOV Builds 3 New Factories

Jakarta - Manufacturers of artificial staple fiber and the non-woven industry PT Inocycle Technology Group Tbk (INOV) plans to build new factories in three cities starting in the second semester of this year. "There are three potential locations, namely Makassar, Medan and Cirebon. Our factory capacity is almost full, the utility is already 80%. INOV currently has five factories, located in Tangerang, Karanganyar, Mojokerto, Semarang and Banyuasin, "said Director of PT Inocycle Technology Group Tbk, Suhendra Setiadi in Jakarta, Monday (15/7). INOV produces recycled polyester staple fiber or polyester staple fiber from PET (polyethylene terephthalate) chopped plastic bottles. 75% the company's revenue comes from the sale of artificial staple fiber. Then 25% from non-woven products, garment companies such as Pan Brothers and car manufacturers Toyota are included in INOV consumers. Especially for the sale of artificial staple fiber products, as many as 50% were exported and another 50% were marketed in the domestic market. America is the largest export market, covering 40%, the rest is sent to Europe, Africa, Asia and Australia. While nonwoven products are entirely sold to the domestic market, they are mostly used for textiles, automobile heat absorbers, cotton, pillows, blankets and jackets. To maintain the availability of raw materials, INOV will create a Plastic Pay application, to collect plastic bottle waste at prepared points. The plan is for this application to operate in the third quarter or fourth quarter of 2019. With the expansion, INOV targets 30% revenue growth to Rp514.31 billion this year.

Source: IMQ21.COM