03 November 2011 23:00 [Source: ICIS news]
Correction: In the ICIS story headlined “Renewable plastics reach 10% of Braskem’s revenue” dated 3 November 2011, please read the headline as “… 10% of Braskem’s PE revenue …” instead of “…10% of Braskem’s revenue …”. In the news story, please read in the first paragraph … 10% of the company’s polyethylene (PE) revenue … instead of … total revenue …. A corrected story follows.
SAO PAULO (ICIS)--Braskem’s environmentally friendly “green” plastics account for 10% of the company’s polyethylene (PE) revenue, the Brazilian company said on Thursday.
Braskem’s consolidated net revenue in the second quarter of 2011 was Brazilian reais (R) R8.4bn ($4.8bn, €3.5bn), up by 13% compared with the first quarter of 2011 and by 24% over the second quarter of 2010.
Braskem executives said the company intends to increase the “green” revenue percentage, but did not release the company’s goals.
Braskem has partnered with local and international companies such as Procter & Gamble and Danone to develop studies for more sustainable products from plastics.
According to the company, the automobile sector is a strong potential customer of plastics made from renewable sources.
In order to meet the markets needs for such products, Braskem is investing in research and partnering with foundations and universities in Brazil, the company added.
Braskem invests R50m/year in R&D on new sustainable sources and products.
Recently, Brazil’s National Development Bank approved a credit limit of R2.46bn for Braskem’s projects in Bahia, Rio de Janeiro, Alagoas and Rio Grande do Sul.
The investments are part of the company’s plans of becoming the world’s leader in sustainable chemistry by 2020, Braskem added.
($1 = R1.74) ($1 = €0.73)
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