Italy's Seri in plastics recycling venture with Unilever

Seri Industrial SpA

22/03/2021 12:07

MILAN, March 22 (Reuters) - Seri Industrial Group  SERK.MI 
has signed an industrial and commercial agreement with consumer
goods group Unilever  ULVR.L  to develop its plastic business,
the Italian company said on Monday. 
    Seri Plastic will set up a jointly owned business with
Unilever and will buy and convert the London-based group's plant
in the southern town of Pozzilli, which will recycle plastic
waste based on EU circular economy models.
    Milan-traded shares in Seri Industrial were up 8.7% at 1130
GMT.
    The deal is in line with Unilever's "Clean Future" global
project, which includes the aim of halving the use of plastics
in its packaging by 2025, the statement said.
    The joint venture will invest 75 million euros ($89.26
million) in the project and keep all the workforce currently
employed at the site, it added. 
    Unilever has committed to buying the products from the
converted plant and Seri Plast will be given the opportunity to
increase its stake in the venture.
($1 = 0.8403 euros)

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Unilever's back to the future goals disappoint    
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Unilever to put its climate change plans to a shareholder vote  
  ID:nL4N2IU1OP 
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 (Reporting by Cristina Carlevaro
Editing by Giulia Segreti and David Goodman)
 ((cristina.carlevaro@thomsonreuters.com; +39 06 80307729;))