Richard Pratt was chairman of Visy Industries, where he improved their environmentally-friendly operations. Visy's first paper recycling mill was built in 1979. In 1997, Pratt Industries opened the world's most advanced paper recycling facility on Staten Island, New York. Visy recycles more than 1.2 million tons of paper in the U.S.A. and Australia each year. The company recently expanded its new technical centre in Coolaroo, Victoria. In November 2001, the company officially opened its A$450 million kraft pulp and paper mill at Tumut, New South Wales. The mill has been hailed as the world's cleanest and most technically advanced kraft paper mill.

He was inducted into the Paper Industry International Hall of Fame in 2002 under the Entrepreneurship and Leadership categories.

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