GreenDot and Synextra announced a strategic combination in both Italy and Europe to further expand and combine their knowledge and capabilities for the plastics recycling markets. The collaboration between GreenDot and Synextra will focus on the preparation of feedstock for chemical recycling and high quality mechanically recycled compounds.
Increased demand for circular polymers and recycled content based on new proposed EU targets
In accordance with the strategic collaboration, Synextra’s shareholder represented by Pioneer Point Partners (“Pioneer”) joins the GreenDot Group. “Together with Synextra, GreenDot is looking forward to continuing closing the loop for difficult to recycle plastics packaging. Jointly, we will accelerate the development of our activities in sorting and improving quality plastics recycling at scale.” commented GreenDot Group CEO Laurent Auguste. “GreenDot is executing its development plan as planned, which includes being present and developing recycling plants in Europe’s major economies, based on a vertical integration from feedstock preparation to recycling,” continued Auguste.
Collaboration in line with major industry transformation
In line with the increased targets for recycled content in packaging, based on the proposal by the EU Commission for the PPWR, the recycling industry is facing a major transformation. GreenDot’s unique approach provides direct access to recyclables streams, through both mechanical and chemical recycling on an international scale, making the organization a major global solutions provider for the plastics circular economy. In this way the cooperation between GreenDot and Synextra is fully in line with Synextra’s own transformation which started 5 years ago and has since been driven by the company’s shareholder Pioneer.
The joint goal of GreenDot and Synextra is to provide a holistic solution for recycling the widest possible range of plastic waste, focusing on those waste streams that are not suitable for mechanical recycling. Today, this plastic waste is mostly incinerated or even sent to landfill. The strategic combination of GreenDot and Synextra will allow a wide range of solutions of mechanical and chemical recycling on an industrial scale to return plastic waste, currently lost from the value chain, back into the recycling loop. The ecological impact of plastics packaging waste is thus reduced, as recycling prevents the fossil carbons contained in plastic from being released into the environment.