Amcor Inks Deal With ExxonMobil
capacity to recycle 30,000 metric tons of plastic waste per year. Earlier this year, Amcor launched a product re- brand including its new EcoGuard brand, which the company said makes it easier for customers to choose from a number of more sustainable solu- tions, including products that reduce the carbon footprint of packaging, are designed to be recycled and use recycled content or biomaterials. ID Images Acquires Summit Labels, Precision Label ID Images (IDI), a portfolio company of Sole Source Capital LLC, has acquired Summit Labels and Precision Label in separate transactions. The acquisitions bring the total number of add- on investments for IDI to seven since becoming a Sole Source Capital portfolio company in August 2021, with the company’s most recent acquisition of Hickman Label announced last month. Terms of the transactions were not disclosed. Jointly-owned Vancouver, Canada-based Summit Labels and Cal- gary, Canada-based Precision Labels are both man- ufacturers of prime labels for the food & beverage, industrial, and nutraceutical end markets.
Australian packaging solution producer Amcor, with U.S. headquarters in Deerfield, Illinois, has inked a five-year deal with Irving, Texas-based ExxonMobil to purchase certified-circular polyeth- ylene (PE) in support of its target to achieve 30-per- cent-recycled material across its portfolio by 2030. Amcor said the volume of material will increase incrementally each year and is expected to reach 100,000 metric tons annually at the end of the con- tract period. Leveraging Material Through ExxonMobil’s Exxtend technology for advanced recycling, Amcor intends to leverage this material across its global portfolio, with a particular focus on the healthcare and food industries, which are required to meet stringent safety requirements for recycled plastic. The company said the agreement will expand on its initial purchase of certified-circular PE material from ExxonMobil earlier this year. Amcor said the certified-circular PE material will be sourced from ExxonMobil’s facility in Baytown, Texas, which, upon startup later this year, have a
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