Closed Loop Recycling, based at Dagenham Dock Sustainable Industries Park, has announced £12 million expansion plans that will double the current capacity of its plant and create 40-50 new jobs.
The government-funded boost will see capacity at the firm double and make it the most advanced plastics purification plant in the United Kingdom.
Construction work is expected to start next year at the firm, which recycles waste plastic bottles into material that can be used again for food packaging.
Cameron Geddes, Barking and Dagenham Council's regeneration lead, said the expansion news would benefit not just Closed Loop but the borough as a whole.
"Closed Loop is a great example of the forward thinking green industries we are looking to attract to the Sustainable Industries Park and in the borough," he said.
“As a council, we will continue to work closely with our partners, residents and local businesses to bring in investment in jobs and other business opportunities.
"We will continue to present our borough as London's newest business opportunity and will continue to encourage business to move here and create employment opportunities for our residents.”
Chris Dow, managing director at Closed Loop, said Dagenham had been a hugely supportive community for the firm and that he was looking forward to offering more opportunities for local people to come and work for the company.
"We are proud to be part of the Olympic legacy and the rebuilding of the East London business infrastructure.”
The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
A £25 million grant for Barking and Dagenham Council will help it support new housebuilding over the next four years.
Councillor Darren Rodwell, the leader of Barking and Dagenham Council, has welcomed the decision to approve the proposed Beam Park…