Amcor (ASX:AMC) partnered with South Korean chemical materials manufacturer Kolon Industries to develop and commercialize sustainable polyester materials for flexible packaging, the packaging company said in a statement Wednesday.
The companies will work together in developing chemically recycled polyethylene terephthalate (PET) and polyethylene furanoate (PEF) materials, with the aim of integrating 30% post-consumer recycled materials by 2030, according to the statement.
PET is commonly used for packaging food and beverages, while PEF is considered a more sustainable alternative.
Amcor shares rose nearly 1% in midday trade Thursday.
Price (AUD): $16.33, Change: $+0.12, Percent Change: +0.74%
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