Belgium-based chemicals company Solvay SA on Wednesday said it sold its Acetow unit, which makes substances for cigarette filter producers, to private-equity firm Blackstone Group LP for around 1 billion euros ($1.07 billion).
Solvay said it expects to generate a capital gain of around EUR150 million after tax from the deal and that the net proceeds would contribute to reducing Solvay’s debt.
“The divestment of Acetow is another significant step in Solvay’s transformation towards a multi-specialty chemical group with a higher growth profile,” said Solvay Chief Executive Jean-Pierre Clamadieu.
Solvay said it expects to close the deal in the first half of 2017.
By Natalia Drozdiak
Source: MarketWatch
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.
