A new "state-of-the-art" Fife recycling facility will lead to the creation of up to 60 jobs.
Yes Recycling, a recycling specialist based in Buckinghamshire, has announced its plans for the plant, which is due to open late next month.
Recruitment for new roles already started last month, with multiple millions of pounds invested into the facility.
15,000 tonnes of low-grade post-consumer plastic will be recycled per year and will be processed into pellets and flake, as well as creating a new generation of high strength Ecosheet, an alternative to plywood.
The new generation Ecosheet is expected to have a positive impact on the construction and manufacturing sectors.
It's as strong as plywood, in line with plywood pricing, has a much greater life span and it also reduces the environmental impact that plywood has as Ecosheet is recyclable at end of life.
Much of the recycling material for the factory will come from Cireco in Dunfermline, as well as some commercial streams.
Omer Kutluoglu, Co-Founder and Director of Yes Recycling, said: "Opportunities are limitless for the recycling industry in Scotland, with local authority and government guidance focusing on making a change for the better.
"Investment in change is evident across Scotland, and for us, Fife is the ideal location for our first plant of this kind.
"We’ve been well supported by Fife Council’s InvestFife services, which have included business and employability support.
"We look forward to the continuation of this work enabling positive changes to Fife’s environmental sustainability and local economy."
"The installation of machinery and recruitment is imminent.
"Yes Recycling will be able to open our new facility in late October, which timely coincides with the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow."
Services from Fife Council Economic Development’s InvestFife and Scottish Development International (SDI) have been working together to assist with business and employability support, which has helped Yes Recycling’s innovative and sustainable project come to fruition in the Kingdom.
Mark Hallan, Director of Global Investment, SDI at Scottish Enterprise, said: "Yes Recycling’s plans for a new facility in Fife will not only provide a jobs boost to the region, but also support Scotland’s sustainable, green ambitions.
"As part of our ongoing efforts to attract inward investment to all of Scotland’s communities, SDI is committed to working in partnership with regional organisations, such as InvestFife.
"Yes Recycling’s decision to locate in Glenrothes shows that collaborative approach is delivering results."
Opportunities Fife is supporting with the recruitment of up to 60 new roles, enabling skills matching and career progression for locals.
Business Gateway Fife has provided support with alternative financing options through public and private agencies, workforce upskilling and access to Expert Help resources, including brokering relationships with a variety of local partner organisations to ease the transition into the region's economy.
Councillor Altany Craik, Fife Council's Economy Convenor, said: "This is a particularly welcome inward investment within mid-Fife.
"In the current environment, it really is a fantastic opportunity for Glenrothes and its local community.
"The positives are boundless in terms of creating jobs, supporting the local economy, as well as strengthening our commitment to the local Climate Action Plan and sustainability.
"The announcement by Yes Recycling is testimony to the attractiveness of Fife as an accessible and desirable location for such an innovative enterprise.
"I’m excited to see the new facility in operation later this year, and to understand more about how, as a region, we can be smarter with waste."