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Symphony Environmental says EU drops investigation into oxo-plastics

Symphony produces an oxo-biodegradable plastic branded as d2W

Plastic waste has reached crisis proportions

Biodegradable plastics group Symphony Environmental International PLC (LON:SYM) says the European Commission has dropped plans for restrictions on the type of product it makes.

In 2017, the commission instructed the European Chemical Agency (ECHA) to prepare a case for restrictions on the basis oxo-biodegradable technology might result in microplastics being produced.

Symphony, which produces an oxo-biodegradable plastic branded as d2W,  reported today the ECHA has now been instructed by the European Commission to close the restriction process.

Michael Laurier, Symphony's chief executive, said "Microplastics are created by the disintegration of ordinary plastics, and they are very persistent.

“Oxo-biodegradable plastics like d2w are necessary because they are for the time being the only way to prevent the accumulation of plastics and microplastics in the open environment.

“Symphony's d2w oxo-biodegradable technology is used all over the world and has been proved to properly biodegrade, to be recyclable, and to have a proven environmental benefit.

“The technology has been made mandatory in Saudi Arabia, the UAE and Pakistan after extensive due diligence, and their example is being followed by other countries.”

Shares surged 82% to 12.8p in morning trading. 

Quick facts: Symphony Environmental Technologies PLC

Price: 30 GBX

Market: AIM
Market Cap: £51.53 m

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