Sealed Air takes equity stake in recycler Plastic Energy

Petrotahlil - Flexible packaging maker Sealed Air Corp. said Aug. 11 it's made an unspecified equity investment in recycling company Plastic Energy Ltd.

Charlotte, N.C.-based Sealed Air said the investment would help the company provide more recycled content plastic packaging for its customers, as part of a pledge it made in 2018 to have 50 percent recycled content across all its packaging by 2025.

Plastic Energy, based in London, has technology to take what are traditionally harder to recycle grades of plastic and turn that into oil, to be reused as feedstock again for plastic or into what it said is a low-carbon fuel.

The firm currently operates two commercial plants in Spain and has more projects under development in Western Europe and Asia. It said it wants to process 300,000 metric tons of waste plastic by 2025.

"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 Sealed Air President and CEO Ted Doheny.

Sealed Air's investment was in Plastic Energy's parent company, Plastic Energy Global. The recycling firm has announced partnerships with other firms, including a project in April to build a recycling facility with United Kingdom-based plastics materials maker Ineos Group.

Sealed Air's brands include cushioning film Bubble Wrap and Cryovac.

END