Sealed Air Corp. announced today that it has signed a collaboration agreement with advanced recycling technology company Plastic Energy and 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 and CEO. “This collaboration will help us meet our 2025 sustainability pledge and lead the way in transforming our industry.”
Plastic Energy’s chemical recycling technology transforms traditionally non-recyclable plastic waste into hydrocarbon products — TACOIL — that are used to make recycled, virgin-quality plastics. It claims the technology will enable the diversion of waste plastic away from landfills, with the goal of processing 300,000 tonnes of plastic by 2025. The new recycled oil derived from the process can be used to create essential packaging solutions, including protective packaging for food, thereby enabling plastic to become a new resource, said Plastic Energy.
Through this collaboration with Plastic Energy, Sealed Air said that it is helping to eliminate plastic waste, support complementary approaches to recycling, and enable its customers to incorporate recycled plastics back into their packaging. In 2018, Sealed Air committed to designing and advancing packaging that is 100% recyclable or reusable by 2025. As part of the pledge, the company has a target of 50% average recycled content across all packaging, 60% of which will come from post-consumer recycled content.
Best known to the general public for inventing Bubble Wrap, Sealed Air’s portfolio also includes Cryovac branded food packaging, Sealed Air branded protective packaging, and Autobag automated systems. Sealed Air reported $4.8 billion in sales in 2019 and has approximately 16,500 employees serving customers in 124 countries.