May in review: Unilever’s reduced plastic pledges, flexible packaging price surge, Suzano’s rumored bid for International Paper
31 May 2024 --- May began with Unilever’s head of packaging explaining why the corporation slashed its plastic reduction targets. Meanwhile, flexible packaging prices continued to rise amid attacks on shipping vessels in the Red Sea.
Also, Brazilian pulp and paper giant Suzano reportedly approached International Paper with a US$15 billion acquisition offer.
Among this month’s key developments, we look at some of the hottest topics, market dynamics and trends while speaking to some of the most prominent players in the industry.
May
Unilever’s head of packaging: Plastic reduction targets can’t be achieved in isolation
Unilever’s global head of packaging, Pablo Costa, issued an extensive statement explaining the corporation’s decision to scale back its plastic reduction pledges, saying that overly ambitious targets were made with the best information available at the time, but circumstances have “disappointingly” changed. Greenpeace activists rallied in protest outside a Unilever shareholder meeting in London, UK.
SharpEnd released its second connected packaging report.
Flexible packaging prices surge amid continued violence in the Red Sea
Attacks on shipping vessels in the Red Sea are raising flexible packaging prices, according to analysts. Plastic and metal material prices surged as much as 27% and 57% higher than at the beginning of 2020, with plastics particularly impacted. While the paper industry has yet to be hit, pulp prices are now also expected to rise.
Suzano prepares US$15B bid for International Paper, according to reports
Brazilian pulp and paper giant Suzano reportedly approached International Paper with a US$15 billion acquisition offer. However, International Paper issued a “no comment” statement on the speculations yesterday, noting it is currently coming out of a low-profit cycle and is focusing on its recent merger agreement with DS Smith. Suzano also said in a securities filing that “there is no formal document or celebration of any agreement.”
UBQ Materials secures distribution deal for Scandinavian expansion
UBQ Materials reached an extended distribution agreement with Denmark-based Plastcom, a leading provider of raw materials for the plastics industry in Scandinavia, supporting UBQ’s entry into the region’s market. Plastcom will offer UBQ’s full product portfolio alongside its complete index of polymers, elastomers, compounds, colors and additives. All UBQ-based products will be supplied from UBQ’s new industrial-scale facility in the Netherlands.
Infinity Recycling raises €175M to drive advanced recycling projects throughout Europe
Infinity Recycling (IRC) closed its Circular Plastics Fund (CPF) after securing €175 million (US$190 million) in committed capital from investors and value chain partners. Launched in February 2022, the project’s initial aim was to raise €150 million (US$163 million) to develop advanced recycling projects. With the close of the CPF, the IRC says it has built a “unique position” as an accelerator for a circular economy.
McDonald’s joins US recycling coalition for national PP recovery
Ecoembes was discovered miscalculating its waste collection rates.McDonald’s joined The Recycling Partnership’s Polypropylene Recycling Coalition, providing a multi-million-dollar grant to the initiative. With the funding, the coalition is introducing advanced sortation technology through its 100th recycling facility grant awarded to the US-based recycling assistance program Recycling Works to ensure PP stays out of landfills.
SharpEnd’s Connected Experience Report: How brands are preparing for mass adoption amid changing regulation
Digital IoT agency SharpEnd released its second “Connected Experience Report,” examining how the industry is adapting and responding to developments in connected technologies like QR Codes, near-field communication and augmented reality. The first report, released in 2021, focused on consumer attitudes and behavioral patterns regarding connected tech.
US Environmental Protection Agency faces lawsuit over PFAS negligence
Civil society groups in the US launched a lawsuit against the country’s Environmental Protection Agency for failing its duty to prevent the production of hundreds of millions of plastic packaging pieces containing dangerous levels of PFAS. The case centers on Texas-based Inhance Technologies, a company using a novel fluorination process that blasts plastic containers with fluorine gas in an oxygen-free chamber.
UK organizes global plastic treaty negotiation training for Commonwealth countries
The Commonwealth Secretariat joined forces with the UK’s Government’s Department of Environment, Food and Rural Affairs (Defra) to create a UN global plastic treaty training course for government officials who are negotiating at the international negotiating committees . The Commonwealth Secretariat represents 56 independent countries that are mostly former territories of the British Empire but which maintain economic ties.
Spain’s waste management corporation “significantly” miscalculating collection rates, shows report
Spanish waste management corporation Ecoembes miscalculated the country’s beverage bottle collection rates by almost half, according to new research by Eunomia. As a result, the EU’s Single-Use Plastic Directive targets are being missed and covered up, highlighting the importance of establishing an effective deposit return scheme, according to campaigners.
By Louis Gore-Langton
