Chemical manufacturer Sabic has announced an overhaul of its global operations, which includes the elimination of its Innovative Plastics strategic business unit, a wholly owned subsidiary founded in September 2007 with the acquisition of GE Plastics.
The chief executive of Eco Plastics Recycling has stated that the UK-based company will not follow the route of Euro Closed Loop Recycling, which earlier this week admitted that it was days from closure with losses of more than £300,000 ($460,000) a month.
The company formed from the rescue of UK-based bottle recycler Closed Loop Recycling two months ago is on the brink of closure, it has emerged, after the owners released an open letter to stakeholders detailing the business' continued losses.
Japanese chemical and pharmaceutical company Teijin has announced plans to merge two of its subsidiary Teijin DuPont Films Japan Limited's factories, in a bid to reduce costs and increase production efficiency.
The Waste and Resources Action Programme (WRAP) has written off a £1.65 million (US$2.5m) loan to Eco Plastics, which went into pre-pack administration last month after a fall in commodity market and plastic recovery note (PRN) prices and a reduction in forecast demand.
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