Amcor, SK Geo Centric partner for supply of recycled content

Rhea-AI Summary

Amcor signs MOU with SK Geo Centric to source advanced recycled material in Asia Pacific. Partnership will help Amcor achieve 30% recycled content target by 2030.

Positive

• Amcor will source advanced recycled material primarily in the Asia Pacific region through partnership with SK Geo Centric.
• Partnership will provide access to packaging solutions using recycled content for food and healthcare customers in key markets in Asia Pacific and globally.
• Amcor aims to achieve 30% recycled content across its portfolio by 2030.

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• None.

ZURICH, Oct. 26, 2023 /PRNewswire/ -- Amcor (NYSE: AMCR, ASX: AMC), a global leader in developing and producing responsible packaging solutions, announced today that it has signed a Memorandum of Understanding (MOU) with SK Geo Centric (SK), a leading petrochemical company based in South Korea, to source advanced recycled material primarily in the Asia Pacific region beginning in 2025.

The MOU with SK will enable Amcor to provide access to packaging solutions using recycled content for food and healthcare customers in key markets in Asia Pacific, as well as globally, building on Amcor's existing global access to advanced recycled material through ExxonMobil, as well as its recent investment with Licella in Australia. Combined, these partnerships will help Amcor take another important step toward achieving its target of 30% recycled content across its portfolio by 2030.

"Our ability to deliver more sustainable packaging solutions containing recycled material is increasingly important to customers in all consumer categories," said Mike Cash, president of Amcor Flexibles Asia Pacific. "These partnerships will help enable Amcor to unlock opportunities for food and healthcare customers to leverage recycled content in their packaging, and will also foster a circular economy by significantly reducing the need for virgin plastic."

SK Geo Centric CEO Na Kyung-soo said, "We are committed to contributing to a circular economy by expanding the supply chain where pyrolysis oil, produced from end-of-life plastic, can provide recycled content in consumer packaging. Providing Amcor with access to that material is an important step forward."

SK extracts pyrolysis oil from end-of-life plastic waste that would otherwise be sent to landfill. SK is using post-processing technology the company developed. This can then replace crude oil as a feedstock for petrochemical processes and subsequently polyethylene to make new sustainable packaging materials for our customers.

About Amcor
Amcor is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect their products and the people who rely on them, differentiate brands, and improve supply chains through a range of flexible and rigid packaging, specialty cartons, closures, and services. The company is focused on making packaging that is increasingly lighter weight, recyclable and reusable, and made using an increasing amount of recycled content. In fiscal year 2023, 41,000 Amcor people generated $14.7 billion in annual sales from operations that span 218 locations in 41 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I Facebook I YouTube

 

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SOURCE Amcor

FAQ

What is the partnership between Amcor and SK Geo Centric about?

The partnership is about sourcing advanced recycled material primarily in the Asia Pacific region.

What are the benefits of the partnership for Amcor?

The partnership will provide access to packaging solutions using recycled content for food and healthcare customers in key markets in Asia Pacific and globally.

What is Amcor's target for recycled content?

Amcor aims to achieve 30% recycled content across its portfolio by 2030.