THE WHAT? Seri Industrial subsidiary, Seri Plast has announced that it has formed a Joint Venture with Unilever.

THE DETAILS The agreement will see the two firms set up a new company, appropriately named Newco, which will then purchase Unilever’s Pozzilli plant and, there, install a highly innovative plant to produce plastic raw materials from post-consumer packaging.

The new company will invest some €75 million in the transformation, with all current employees retained.

THE WHY? The move is in line with Unilever’s sustainability objectives, which among its goals aims to halve the use of virgin plastic in its packaging by 2025.