Sources say Coca-Cola's joint venture PET recycling plant now for sale
That Coke has given Carlos Gutierrez, president and CEO of Coca-Cola’s joint venture partner United Resource Recovery LLC, the OK to shop the plant to interested buyers.“My understanding is that Coke wants out and has given Carlos the freedom to shop the plant,” one source said. “They have had people [potential buyers] in the plant over the past two months.”
Another source said the Spartanburg plant could have some potential use for a fiber company that needs post-consumer polyester, and that Coke is “shopping the plant very selectively.”
But that same source said that the asking price could be too high, since the estimated cost to build a new PET recycling plant for fiber consumption is between $12 million and $15 million. The Spartanburg plant represents roughly a $50 million investment.
“Coca-Cola could end up taking a [financial] hosing and one-half on this,” one source said.
Gutierrez neither confirmed nor denied that the plant was for sale.
“At present, the company is not at liberty to discuss publicly current plans for the future of the facility,” Gutierrez said in an email response to questions. “As soon as we have something concrete to report, we will ...”
Coke officials did not have an immediate response to questions about whether the joint venture company, NURRC LLC, was looking for a buyer for the plant.
Previously, Coke has said that it is an investor in the JV and cannot comment on NURRC’s business dealings. On April 22, four days after Plastics News in a phone interview that Coca-Cola hoped to resume food-grade PET production at the plant “sometime this summer.”
When the plant opened two and one-half years ago, Coke officials said that when its second full line was operational, the Spartanburg plant would be the largest bottle-to-bottle PET recycling plant in the world.
Instead, the plant has been plagued with problems achieving the quality needs to make food-grade PET. Sources said the plant’s technology is not suited to recycling newer light-weight beverage and water bottles. As a result, yield losses have been high.
Some sources have said NURCC and Gutierrez were developing new technology to address that problem, so the plant can be restarted. However, others have told PN that the de-labeling equipment that officials hoped would resolve that problem is off-the-shelf equipment, and that it has failed to solve the problems.
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Coca-Cola CEO's 2020 vision eyes global middle class | The Biz Beat
Right before I left Atlanta to learn about Coke operations in Asia about 11 years ago, then-CEO Douglas Ivester had a suggestion. He told me to ask company execs in China, Japan and Vietnam about their vision for their markets in 100 years.
As the newspaper’s beverage reporter at the time, Ivester’s suggestion seemed less odd to me than it might to you. Of all the companies I’ve covered, execs at Coke think further into the future than any others. The company doesn’t plan for marathons. It’s in the ultramarathon business.
That’s probably one of the reasons Coke is celebrating its 125th anniversary May 8. So with Ivester’s suggestion in mind, I asked current CEO Muhtar Kent how he views the next 125 years when I sat down with him recently. I figured someone on North Avenue already has the game plan detailed in a loose-leaf book divided by decades.
“In the world, 125 years is nothing, particularly where I come from,” said Kent, who grew up in Turkey. “When you’re walking in the fields, you stumble on artifacts that are 2,000 [or] 3,000-years-old everywhere. … But I think it would be wrong for me to try to paint you a picture of the next 125 years.”
Instead, Kent said, he’s focusing on 2020. That’s when the hard-charging exec hopes the Coke system will double its global revenue. In other words, Kent wants to take about a decade for Coke and its bottlers to replicate what took a century-and-a-quarter to do.
Isn’t that too ambitious when the system’s annual revenue is already in the $100 billion neighborhood? (Coke’s is $35 billion of that, with the bottlers and distributors accounting for the rest.)
“It’s not for the fainthearted, but it’s achievable,” Kent, 58, said.
One of the keys to getting there, he said, is to pose the right questions to the largely independent bottlers (Coke has ownership stakes in some) who produce and distribute the drinks in more than 200 countries. As far as Kent is concerned, Socrates was on to something.
“What are we doing well? What are we not doing well? How should we go forward? What do you think of the next 10 years? What’s achievable? What’s not achievable? Do we have the right portfolio? Do we have the right marketing? Do we have the right message?”
The company’s plan for 2020 incorporates answers from the bottlers, Kent said. The plan also is based on a key demographic prediction — an additional one billion people are expected to enter the middle class around the world during that time.
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Muhtar Kent is President and Chief Executive Officer of The Coca-Cola Company. Read his bio and download a high resolution image.
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