Sealed Air Invests in Advanced Recycling Company Plastic Energy
Collaboration will spearhead technology advancements to enhance circularity of plastics
CHARLOTTE, N.C., August 11, 2020 – 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.
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.
Plastic Energy has a technology platform that enables the diversion of waste plastic away from landfills, with the goal of processing 300,000 tons 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.
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.
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.
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.
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