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Asturian Naeco and South Korean Mecen IPC set up Naeco Fibers to promote the circular economy in Asturias

The project will include a new plant in Olloniego for the production of polyester fibre and derivatives from recycled materials. Naeco Fibers will mobilise eleven million euros of investment and create 42 jobs in five years. The Government of Asturias supports this project with 1.5 million euros, within the Investment Attraction Strategy.
Naeco Fibers South Korea Mecen IPC Invest in Asturias
From left to right, Ángel Rodríguez Vallina, from Asturgar; Antón Fernández, from Naeco Fibers, and David González, director of Sekuens.

The Government of Asturias supports the constitution of Naeco Fibers, a company born from the union of the Asturian Naeco and the South Korean Mecen IPC to facilitate the development of an ambitious circular economy project in our region. This initiative will mobilise eleven million euros of investment and create 42 jobs in five years.

Naeco Fibers will produce polyester fibre and geotextile blanket in a new plant in Olloniego (Oviedo), where a comprehensive process will be carried out, from direct recycling of PET waste (a type of polyethylene terephthalate plastic) to final production. The promoters are Naeco, with a long history of promoting businesses based on transforming waste into resources, and the South Korean company Mecen IPC, which specialises in environmental solutions.

The support of the Regional Government is provided through the Agency for Science, Business Competitiveness and Innovation (Sekuens), the Regional Promotion Society (SRP) and Asturgar SGR. In a joint financing operation, the SRP grants a participative loan of 1,500,000 euros, which is guaranteed by Asturgar SGR for a value of 500,000 euros.

Naeco Fibers is the result of the Investment Attraction Strategy led by the Regional Ministry of Science, Business, Training, and Employment of the Government of Asturias through the Sekuens Agency.

Naeco is a global company committed to sustainability and innovation in a critical area such as the treatment and management of plastic waste and its transformation into new resources. The company manages plastic recycling responsibly and creates innovative products from recycled materials through circular business models.

Mecen IPC specialises in the transformation of plastics and the recycling of plastic waste, the production of polyester fibre and the manufacture of geotextile blanket.

Synergies between Asturias and South Korea

The synergies between the two companies led Mecen to choose Naeco as its partner in Spain and set up Naeco Fibers, which will develop the entire production process, mainly for the European market.

The director of the Sekuens Agency and president of SRP and Asturgar SGR, David González, explains that the development of new sustainable business ideas based on circular economy models “fits perfectly with the Smart Specialisation Strategy of Asturias”. “It is a clear example of the projects that Asturias needs and that we want to support,” said González.

The project also has funding from Hunosa Empresas, in an amount equal to that of the SRP, in a joint effort to support the growth and diversification of the Asturian business fabric.

Attracting investment in Asturias

Sekuens’ Investment Attraction programme is promoted by the Government of Asturias to facilitate the revitalisation of the regional economic fabric.

The arrival of Mecen and the creation of Naeco Fibers confirms that Asturias is a pole of attraction for investment and is positioned as an ideal place for the development of new business activities related to the circular economy and sustainability.