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Rubicon Announces Multi-Year Extension Agreement with Walmart
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Rubicon Technologies (NYSE: RBT) and Walmart (NYSE: WMT) have signed a two-year agreement to enhance waste diversion efforts and improve account management services. This partnership will expand into the recycling of plastic film and green waste collection, building upon their collaboration since 2013. Rubicon's RUBICONConnect™ is already utilized in 70 Walmart distribution centers, optimizing waste efficiency and sustainability. This extension aligns with Walmart's goals of zero waste and advancing a circular economy.
Positive
New two-year agreement with Walmart to enhance waste management services.
Expansion to include recycling of plastic film and green waste.
Utilization of RUBICONConnect™ in 70 Walmart distribution centers, improving sustainability data and efficiency.
Supports Walmart's commitment to achieving zero waste and promoting a circular economy.
Negative
None.
New agreement expands productive and longstanding relationship between the two companies, grows current relationship to include plastic film and green waste
NEW YORK--(BUSINESS WIRE)--
Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE: RBT), a leading digital marketplace for waste and recycling and provider of innovative software-based products for businesses and governments worldwide, today announced that it has signed a two-year agreement with Walmart, Inc. (“Walmart”) (NYSE: WMT), to continue to increase the multinational retail corporation’s waste diversion from landfills, consolidate services, and provide enhanced account management for distribution centers and retail stores.
Walmart understands that for a business to last, it must have a fundamental reason for being, which is found in the value it creates not only for shareholders, but for the world. Rubicon’s mission is to end waste. By collaborating with Rubicon and others, Walmart continues on a path to becoming a regenerative company, one dedicated to placing nature and humanity at the center of its business practices.
Rubicon’s market-leading RUBICONConnect™ product is deployed across 70 of the company’s distribution centers, assisting with waste and recycling programs and delivering enhanced sustainability data, analytics, and reporting capabilities. Rubicon uses this data to increase tonnage per haul, which eliminates unnecessary trips to service partially full containers. This reduces fuel consumption and its associated carbon impact, trip hours, and wear and tear on the road.
Walmart aims to reduce consumption and waste as part of the larger global movement towards a more circular economy, which encompasses a transition from a “take-make-dispose” approach to one that emphasizes the reuse, recycling, and regeneration of materials. It aspires to achieve zero waste in its global operations and to work with suppliers, customers, and communities to accelerate the adoption of innovative packaging and products designed for circularity. Since the two companies began working together in 2013, Rubicon has supported Walmart in a number of circularity projects. The new agreement expands the relationship between the two companies to include the collection and recycling of plastic film in distribution centers, and the collection of landscaping and green waste. These projects take place alongside day-to-day waste and recycling collection at Walmart stores.
“We are thrilled to announce this extension agreement with Walmart,” said Phil Rodoni, CEO of Rubicon. “Rubicon’s mission is to end waste. By expanding our work with the global, transformational brand that is Walmart, we are accelerating this mission as we strive to advance our shared goal of a world without waste.”
With this extended agreement, Rubicon will continue to bring its suite of cloud-based software products, and the power and scope of its network of more than 8,000 hauler and vendor partners, to bear in providing scalable waste, recycling, and sustainability solutions to Walmart in support of Walmart’s environmental and business goals.
Waste is a global challenge and a global opportunity. Rubicon partners with businesses and governments around the world to advance its mission through zero-waste, landfill diversion, and smart city solutions. The Company’s suite of cloud-based products can help waste collection organizations digitize operations, confirm service, optimize routes, and deliver exceptional customer service while improving sustainability outcomes.
About Rubicon
Rubicon Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based products for businesses and governments worldwide. Striving to create a new industry standard by using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. To learn more, visit www.Rubicon.com.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and numerous eCommerce websites under 46 banners in 24 countries. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Rubicon Technologies, Inc. (“Rubicon”) and its management, are inherently uncertain; factors that may cause actual results to differ materially from current expectations include, but are not limited to: 1) the outcome of any legal proceedings that may be instituted against Rubicon or others following the closing of Rubicon’s business combination with Founder SPAC (the “business combination”); 2) Rubicon’s ability to meet the New York Stock Exchange’s listing standards following the consummation of the business combination; 3) the risk that the business combination disrupts current plans and operations of Rubicon as a result of consummation of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 5) costs related to the business combination; 6) changes in applicable laws or regulations; 7) the possibility that Rubicon may be adversely affected by other economic, business and/or competitive factors; and 8) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Rubicon’s Registration Statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”), and other documents of Rubicon filed or to be filed with the SEC. Although Rubicon believes the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. There may be additional risks that Rubicon presently does not know of or that Rubicon currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Rubicon does not undertake, and expressly disclaims, any duty to update these forward-looking statements, except as otherwise required by applicable law.
What is the new agreement between Rubicon and Walmart about?
Rubicon and Walmart have signed a two-year agreement to enhance waste diversion and recycling efforts, expanding services to include plastic film and green waste.
How will Rubicon's RUBICONConnect™ benefit Walmart?
RUBICONConnect™ is deployed in 70 Walmart distribution centers, providing enhanced data analytics to improve waste management efficiency and sustainability.
What is Walmart's goal in relation to waste?
Walmart aims to achieve zero waste in its global operations and promote the adoption of circular economy practices.
When did Rubicon and Walmart start their partnership?
Rubicon and Walmart began their partnership in 2013.
