Page 34 - Plastics News July 2021

BUSINESS NEWS

Novolex completes purchase of SABIC bags Award for Best
Flexo Converters USA Practices in Recycled Plastics

S-based packaging products manufacturer Novolex RQVXOWLQJ DQG UHVHDUFK ÀUP )URVW 6XOOLYDQ KDV
8has completed its previously announced acquisition Cnamed SABIC a Global Company of the Year as part
RI SDSHU EDJ PDQXIDFWXUHU )OH[R &RQYHUWHUV 86$ 1RYROH[ of its 2021 Best Practices Recognition Program. SABIC
initially shared plans to acquire the company, together with was awarded the title based on Frost & Sullivan’s
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transaction have not been disclosed. Based in Connecticut, and the circular economy of used plastics recycling and
resource recovery. Every year, Frost & Sullivan presents
a Company of the Year award to the organization
demonstrating excellence in growth strategy and
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degree of innovation with products and technologies
and the resulting leadership in customer value and
market penetration. Frost & Sullivan presented
SABIC with this year’s award for its efforts in driving
forward the development of a circular economy for
used plastics and its commitment to innovation and
Flexo specialises in manufacturing stock, custom and technology, fortified by pioneering partnerships.
recycled paper bags and sacks. The family-owned business 6$%,& V 758&,5&/(ΠSRUWIROLR DQG VHUYLFHV KDYH IRXQG
has production facilities in Meriden, Connecticut, and significant adoption among businesses looking for
Monroe, Georgia. Following the acquisition, Flexo will commercially and environmentally viable solutions,"
sell its products under the Novolex Duro Bag brand. noted Riana Barnard, Best Practices Research Analyst.
Flexo’s production capacity is intended to help Duro meet :LWK LWV GHHS FRPPLWPHQW WR LQQRYDWLRQ DQG
increasing demand for paper bags and sacks. Novolex is technology, bolstered by pioneering partnerships and
expected to keep all Flexo’s eligible full-time employees leadership excellence, SABIC is all set to continue
following the acquisition. Peakstone served as the exclusive leading the global market for more sustainable material
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agreement was signed in May, Flexo president and CEO Engineering Thermoplastics & Market Solutions for
Anik Patel said: “Peakstone’s experienced packaging team Petrochemicals at SABIC, said: “SABIC is committed to
did an excellent job navigating our family through the sale
process. “Their deep transaction and industry expertise
enabled us to craft an ideal outcome with a world-class
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the time: “Flexo is an exciting addition to our company
and we welcome the skilled and committed team to the
Novolex family. “Flexo’s strong reputation for high-quality
products, on-time delivery and value-added services will
support us in pursuing future growth opportunities for
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packaging products for various sectors, including the
foodservice, delivery, takeaway and food processor
markets. The company, which was acquired by investment ÀQGLQJ LQQRYDWLYH VROXWLRQV LQFOXGLQJ RXU 758&,5&/(
ÀUP 7KH &DUO\OH *URXS LQ HPSOR\V PRUH WKDQ portfolio and services, which will help to transform our
people and operates 55 manufacturing facilities across industry from a linear into a circular economy. To do
North America and Europe. Last month, Novolex added a this, we are collaborating with a wide range of partners
manufacturing line to its plant in Chattanooga, Tennessee, globally across the value chain.
for producing compostable cold beverage cups.

Plastics News July 2021 34