shares perked up on Thursday after its partner firm, Grupo Bimbo, announced the progress of its biodegradable packaging program, an initiative which utilises Symphony’s plastic technology.
A global specialist, Symphony yields its technology "to make plastics smarter" - sold into nearly 100 countries around the world, with applications in retail, medical and manufacturing industries, the company's main focus lies with the defence of both environmental and human health.
The biodegradable program, worked on by Symphony and partner firm, Grupo Bimbo, was first launched in Mexico City in 2008 to target waste management and to regulate the life of packaging.
Notably, Mexican-based Grupo Bimbo is the largest baking company across the globe, with sales of $US 15.1 billion across 32 countries and 3.2 million points of sale -- essentially, the program addresses their mission to make all packaging recyclable, biodegradable or compostable by 2025.
Shares in Symphony Environmental Technologies ticked up over 5% following this morning’s announcement.
In this morning's statement, Symphony explained that the new packaging using the d2w brand was presented for the first time at an event on Tuesday in Mexico City.
Grupo Bimbo's President and CEO, Daniel Servitje, touched on the program’s evolution since its initial launch. He further reiterated the progress made by reinforcing their ultimate objective.
He commented: "This journey began in 2008 when, with the help of Symphony, a strategic partner in the innovation of packaging, we became the first Mexican company to incorporate d2w technology in our packaging. A year later, in 2009, we were pioneers worldwide when we introduced this technology in metalized packaging.”
He added, “Today, 100% of our packaging in Mexico, that can be made with biodegradable technology, is already biodegradable and 100% recyclable. Our objective is that by 2025 all our packaging will be recyclable or biodegradable or compostable."
Michael Laurier, CEO of Symphony, commented, "It has been a challenge and a privilege to work with Grupo Bimbo and to help them make sure that their packaging meets the highest technical and environmental standards.
“We have invested heavily in scientific and technical excellence to make this happen and are proud to partner with one of the world's most successful and responsible groups of companies.”
Find more News & Updates on Symphony Environmental Technologies:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
Next is ‘weathering the retail storm’ as it enjoyed a rise in half-year profits, the store’s boss revealed, The competition watchdog said JD Sports £90m takeover of Footasylum could lead to “higher prices” and “worse choice” for shoppers, but fell short of explaining its reasons in more detail
Travel firm Thomas Cook has been hit with a last-minute demand, from its banks, to find £200m in extra funding in order to secure its future. The troubled operator hoped to seal a rescue deal this week but without this, the firm is likely to collapse.
Salt Lake Potash explain the significance of producing premium grade water soluble sulphate Of potash from its Lake Way Project. Iconic Labs discuss their strategy and recent deals. Chris Bailey on Next, Diageo & Johnson Matthey. John Meyer on Kodal Minerals, Arc Minerals & BlueJay Mining.