The collaboration will introduce Flake-to-Preform™ (FtoP) Direct Recycling Technology to Thailand through Indovida (Thailand) Limited, a joint venture established by Indorama Ventures and Iwatani Corporation. Jointly developed by Suntory and three partner companies, including Japanese recycling firm Kyoei Industry Co., Ltd., the patented FtoP technology enables PET preforms to be manufactured directly from recycled PET bottles, improving recycling efficiency while reducing environmental impact. The joint venture marks the first commercial deployment of the technology in Southeast Asia and is expected to produce recycled PET preforms equivalent to approximately 400 million PET bottles annually. Beginning in 2028, the preforms will be supplied to Suntory PepsiCo Beverage Thailand.

Through Indovida, Indorama Ventures continues to strengthen its integrated packaging platform by combining its expertise in PET, recycled PET and packaging manufacturing with differentiated technologies and strategic partnerships. The partnership enhances the company's circular packaging capabilities in Thailand and provides a platform to explore future opportunities across Southeast Asia, reinforcing its IVL 2.0 growth strategy while supporting customers' sustainability ambitions.

Each partner contributes complementary capabilities across the packaging value chain. Indorama Ventures contributes expertise in recycled PET, integrated materials and packaging manufacturing. Suntory provides the FtoP recycling technology and implementation know-how developed in Japan, while Iwatani contributes its industrial expertise and long-standing partnership with Suntory. Suntory PepsiCo Beverage (Thailand) will be the first commercial customer for Indorama Ventures to use the recycled PET preforms produced through the project.

Mr. Jun Asaki, Chief Sustainability Officer of Suntory Holdings, commented: "We see the introduction of this FtoP technology in Thailand as a significant step forward in expanding the adoption of sustainable PET bottles, a key target of the Suntory Group. Through collaboration with a wider range of partners, we aim to promote PET bottles as a sustainable packaging solution in Thailand and across Southeast Asia, contributing to the realization of a circular society and environmental impact reduction."

Mr. Kenji Motoori, Director of Iwatani Corporation, added, “We are delighted to begin this initiative with the Suntory Group to advance the commercialization of FtoP technology in Thailand. Through our joint venture with Indorama Ventures, we will support this project by ensuring a stable supply of high-quality recycled PET preforms. We will continue to work closely with our partners to help realize a circular economy.”

Mr. Aloke Lohia, Group CEO of Indorama Ventures, said: "This collaboration reflects Indorama Ventures’ commitment to reimagining chemistry for a more circular future by advancing circular PET packaging in Thailand and beyond. By combining our integrated PET value chain with world-class recycling technology and strong industry partners, we are expanding our ability to deliver differentiated circular packaging solutions while reinforcing our downstream packaging platform. This partnership reflects our IVL 2.0 strategy of building market-leading businesses through focused partnerships, innovation and disciplined investment, creating lasting value for our customers, shareholders and other stakeholders.”

The project reflects the partners' shared commitment to advancing a more circular economy by increasing the use of recycled PET, improving resource efficiency and reducing dependence on fossil-based materials. Together, the partners are demonstrating how collaboration across the value chain can help accelerate the transition to more sustainable packaging solutions.