Page 45 - Plastics News November 2021

BUSINESS NEwS

Plastic Energy Raises $167.7m In Capital From C-P Flexible Buys

Three Investors Preferred Packaging

S- bas e d
Uf lex ible
p a c ka gin g
c ompany
C-P Flexible
Packaging (C-
P) has acquired
privately-held
p a c ka gin g
manufacturer
Sycamore Sales, which trades as
Preferred Packaging, for an undisclosed
sum. Based in Norcross, Georgia,
US, Preferred Packaging specialises
in manufacturing multilayer flexible
films, thermoformed containers
and tray sealing equipment. The
K-based chemical recycling into a recycled feedstock sold as TACOIL. acquisition is C-P’s first foray into
Ucompany Plastic Energy has secured The company has two operational plastic- the meal solutions market and will
a €145m ($167.7m) investment from to-plastic chemical recycling plants in add several manufacturing capabilities
three separate investors. The investors Spain and is currently building facilities to the company.These include
include entrepreneurial firm LetterOne, in France and the Netherlands. Plastic thermoforming, flexographic printing,
which invests through its L1 New Energy has partnered with a number laminating, slitting, mechanical macro
Energy arm, as well as French chemical of chemical industry leaders, including perforating and microlaser perforating.
company Axens and British investment SABIC, TotalEnergies and ExxonMobil. Preferred Packaging has a network
management company M&G.Proceeds Consumer brands such as Unilever of salespeople and independent sales
from the fundraiser will be used to and Tupperware have used recycled plastic representatives primarily serving
support the company’s growth strategy made from the company’s technology prepared meals, value-added produce
and the expansion of its technology and in their packaging and products. and processed meats markets across the
recycling plant network. Plastic Energy Axens plastic circular economy director US. By acquiring Preferred Packaging,
founder and CEO Carlos Monreal said: “I Stéphane Fedou said: “We are glad to C-P intends to expand its knowledge of
am excited to announce Plastic Energy’s announce our investment and strategic frozen and refrigerated prepared meal
successful institutional fundraise and partnership with Plastic Energy. “And packaging systems.The acquisition also
new investors, which will ensure our by leveraging Plastic Energy and supports C-P’s goal of expanding its
company’s success for the future.“It Axens’ complementary operational and geographical presence in the Southeast
is encouraging to have the support of technological skills, we can now offer US. C-P CEO Mike Hoffman said: “We
these global companies who share our a combination of proven technologies are excited to welcome the Preferred
vision in reducing plastic waste and to make it possible.” Morgan Stanley Packaging employees and customers to
have confidence in our patented and served as Plastic Energy’s financial advisor the C-P organisation. “We saw, during
proven chemical recycling technology. and placement agent in connection with the pandemic, a significant increase in
“This investment will have a big impact, the fundraiser. Recently Plastic Energy demand for centrally processed meal
enabling us to recycle more plastics has reached a strategic partnership with solutions to help address food safety
globally and build a more sustainable and recycling technology provider Freepoint concerns and believe this trend will
circular economy.” Plastic Energy uses its Eco-Systems and Total Energies. continue. “Additionally, our growth will
patented thermal anaerobic conversion to develop an advanced recycling plant be enhanced with Preferred Packaging’s
technology to convert end-of-life plastics in Texas. capabilities and exclusive technologies.”

44 PLASTICS NEWS NOVEMBER 2021 45 PLASTICS NEWS NOVEMBER 2021