Collaboration will spearhead technology advancements to enhance circularity of plastics
CHARLOTTE, N.C-Wednesday 12 August 2020 [ AETOS Wire ]
(BUSINESS WIRE)--
Sealed Air Corporation (NYSE: SEE) has announced it has signed a
collaboration agreement with Plastic Energy, an industry-leading company
in advanced recycling technology. Additionally, Sealed Air has made an
equity investment in Plastic Energy Global, the parent company of
Plastic Energy.
Plastic
Energy Global was established in 2012 with the goal of creating a
circular economy for plastics by diverting plastic waste away from
landfills and oceans. Headquartered in London, the company has two
operations in Spain and projects developing in Western Europe and Asia,
with a vision for 50 new facilities over the next 10 years.
"We’re
excited to join forces with Plastic Energy to innovate faster and
accelerate the development of new technology that eliminates waste and
ensures a circular economy for plastics,” said Ted Doheny, Sealed Air
President & CEO. “This collaboration will help us meet our 2025
sustainability pledge and lead the way in transforming our industry.”
“We
are delighted to start this new strategic collaboration with Sealed
Air, which will lead to the acceleration of development of the advanced
recycling industry as well as provide a circular solution for more and
more plastics,” said Carlos Monreal, Founder and CEO of Plastic Energy.
The Challenge: Combating Waste
Waste
is a global issue. The majority of plastic waste ends up either in a
landfill, incinerated or disposed of in the environment because it is
either never recovered or considered unable to be recycled. From a
societal perspective, it is critical that we expand the options
available for recycling plastics.
The Opportunity
Plastic
Energy has a technology platform that enables the diversion of waste
plastic away from landfills, with the goal of processing 300,000 tonnes
of plastic by 2025. Plastic Energy transforms post-consumer plastic
waste into new recycled oil that can be used to create essential
packaging solutions, including protective packaging for food, thereby
enabling plastic to become a new resource. Through this collaboration
with Plastic Energy, Sealed Air is helping to eliminate plastic waste,
support complementary approaches to recycling and enable its customers
to incorporate recycled plastics back into their packaging.
Bold Commitment and Collaboration
Sealed
Air is determined to play a key role in the drive towards a circular
economy for plastics through collaboration, research, development and
implementation of new technologies.
In
2018, Sealed Air announced a bold sustainability and plastics
commitment, pledging to design and advance packaging solutions that are
100 percent recyclable or reusable by 2025. As part of the pledge, the
company has an ambitious target of 50 percent average recycled content
across all packaging solutions with 60 percent of that coming from
post-consumer recycled content.
The
pledge also includes a commitment to lead collaborations with global
partners to increase recycling and reuse rates, which aligns with the
investment in Plastic Energy. In 2019, Sealed Air also announced it had
joined the Alliance to End Plastic Waste, a global nonprofit committed
to investing in solutions to help eliminate plastic waste in the
environment.
About Sealed Air
Sealed
Air is in business to protect, to solve critical packaging challenges,
and to leave our world better than we found it. Our portfolio of leading
packaging solutions includes CRYOVAC® brand food packaging, SEALED AIR®
brand protective packaging, AUTOBAG® brand automated systems, and
BUBBLE WRAP® brand packaging, which collectively enable a safer, more
efficient food supply chain and protect valuable goods shipped around
the world. Sealed Air generated $4.8 billion in sales in 2019 and has
approximately 16,500 employees who serve customers in 124 countries. To
learn more, visit sealedair.com.
About Plastic Energy
PLASTIC
ENERGY is at the forefront of the use and development of a chemical
recycling technology to transform traditionally non-recyclable plastic
waste into hydrocarbon products (TACOIL), being used to make recycled,
virgin-quality plastics. PLASTIC ENERGY currently operates 2 commercial
plants in Spain 24/7, 330 days a year. It is one of the few companies
worldwide that has sold millions of litres of recycled oils (TACOIL)
from the conversion of end of life plastic waste, using patented
technology. It is leading the way in its field in the transition to a
low-carbon circular economy for plastics.
Website: www.plasticenergy.com; For more information: info@plasticenergy.com
Website Information
We
routinely post important information for investors on our website,
sealedair.com, in the Investors section. We use this website as a means
of disclosing material, non-public information and for complying with
our disclosure obligations under Regulation FD. Accordingly, investors
should monitor the Investors section of our website, in addition to
following our press releases, SEC filings, public conference calls,
presentations and webcasts. The information contained on, or that may be
accessed through, our website is not incorporated by reference into,
and is not a part of, this document.
Forward-Looking Statements
This
press release contains “forward-looking statements” within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 concerning our business, consolidated financial
condition and results of operations. Forward-looking statements are
subject to risks and uncertainties, many of which are outside our
control, which could cause actual results to differ materially from
these statements. Therefore, you should not rely on any of these
forward-looking statements. Forward-looking statements can be identified
by such words as “anticipate,” “believe,” “plan,” “assume,” “could,”
“should,” “estimate,” “expect,” “intend,” “potential,” “seek,”
“predict,” “may,” “will” and similar references to future periods. All
statements other than statements of historical facts included in this
press release regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking statements.
Examples of forward-looking statements include, among others, statements
we make regarding expected future operating results, expectations
regarding the results of restructuring and other programs, anticipated
levels of capital expenditures and expectations of the effect on our
financial condition of claims, litigation, environmental costs,
contingent liabilities and governmental and regulatory investigations
and proceedings. The following are important factors that we believe
could cause actual results to differ materially from those in our
forward-looking statements: global economic and political conditions,
currency translation and devaluation effects, changes in raw material
pricing and availability, competitive conditions, the success of new
product offerings, consumer preferences, the effects of animal and
food-related health issues, pandemics, changes in energy costs,
environmental matters, the success of our restructuring activities, the
success of our financial growth, profitability, cash generation and
manufacturing strategies and our cost reduction and productivity
efforts, changes in our credit ratings, the tax benefit associated with
the Settlement agreement (as defined in our most recent Annual Report on
Form 10-K), regulatory actions and legal matters, and the other
information referenced in the “Risk Factors” section appearing in our
most recent Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, and as revised and updated by our Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement made by us is based only on information
currently available to us and speaks only as of the date on which it is
made. We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or
otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200811005255/en/
Contacts
Sealed Air
Investor Relations
Lori Chaitman
Lori.chaitman@sealedair.com
516.458.4455
Media
Christina Griffin
Christina.griffin@sealedair.com
704-430-5742
Plastic Energy
Media
Susan Fitzsimons
press@plasticenergy.com
