Symphony Environmental Technologies PLC’s (LON:SYM) shares were higher on Thursday as its partner firm, Grupo Bimbo, announced the progress of its biodegradable packaging programme using Symphony’s d2w plastic technology.
AIM-listed Symphony said Grupo Bimbo chief executive, Daniel Servitje, presented new packaging using the d2w brand for the first time at an event in Mexico City on 20 August.
The d2w biodegradable packaging programme was first launched in 2008 as part of a structured programme to improve waste management and has since resulted in 100% of Grupo Bimbo’s Mexican packaging being made biodegradable and recyclable.
Grupo Bimbo is the largest baking company in the world and a major producer of snack foods with sales of US$15.1bn across 32 countries.
The group is aiming to make all of its packaging recyclable, biodegradable or compostable by 2025.
"It has been a challenge and a privilege to work with Grupo Bimbo and to help them make sure that their packaging meets the highest technical and environmental standards”, said Michael Laurier, Symphony’s chief executive.
“We have invested heavily in scientific and technical excellence to make this happen and are proud to partner with one of the world's most successful and responsible groups of companies”, he added.
In early trading, the shares were up 8.3% at 9.8p.
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