Adoption of Oji Group’s paper product by Nestle Group

O-I Glass, Inc. announced that its wholly owned subsidiary, Paddock Enterprises, LLC, has reached an agreement in principle for a consensual plan of reorganization under section 524(g) of the Bankruptcy Code. Paddock, the Official Committee of Asbestos Personal Injury Claimants, and the legal representative for the future asbestos personal injury claimants all agreed to accept the terms of a mediator’s proposal regarding a potential consensual plan of reorganization for Paddock. O-I Glass supports the agreement among Paddock, the ACC and the FCR that follows a successful court-approved mediation process conducted by Kenneth Feinberg and the Honorable Layn R. Phillips in connection with Paddock’s ongoing Chapter 11 case. “From the beginning of the Chapter 11 process, we have been committed to supporting a resolution of Paddock’s legacy asbestos liabilities in a manner that ensures claimants are treated fairly while providing finality and certainty for O-I Glass and Paddock. This agreement is a positive and significant step toward achieving those objectives. O-I Glass and Paddock look forward to working cooperatively with the ACC and FCR to implement the terms of the agreement. We believe this is the best path to not only equitably address Paddock’s legacy liabilities but also move expeditiously toward emergence,” said Andres Lopez, CEO of O-I Glass.

Mondi, a global leader in sustainable packaging and paper, has been awarded the coveted Fastmarkets PPI Award in the Product Innovation category for its Advantage StretchWrap for pallet wrapping. Advantage StretchWrap is a recyclable kraft paper that is made from responsibly sourced materials. Mondi developed it to stretch and resist punctures, making it ideal for replacing the plastic stretch film that has traditionally been used for pallet wrapping and transportation. Advantage StretchWrap has 62% lower greenhouse gas (GHG) emissions when compared to virgin plastic stretch film, and 49% lower GHG emissions when compared to plastic film made with 50% recycled content, according to a peer-reviewed independent life cycle assessment. The Product Innovation Award is presented to companies that demonstrate how a newly developed product solves an existing need or problem. Mondi’s Advantage StretchWrap which is 100% kraft paper, delivers excellent protection for palletised goods due to high strength, puncture resistance and tension absorption.

If you recently made a purchase online, you’re not alone. The U.S. Department of Commerce reports that retail e-commerce sales topped $272 billion in the first quarter of 2023, up 7.8% from the same period last year. Along with this continuing growth in online purchases comes an increasing awareness of the materials used to package and ship products, and the impact these materials have on the environment. A new survey commissioned by Two Sides North America and conducted by international research firm Toluna found that U.S. consumers believe paper-based packaging is better for the environment than other packaging materials. Survey respondents were asked to rank their preferred packaging material (paper/cardboard, plastic, glass and metal) based on 15 environmental, aesthetic and practical attributes. Overall, paper/cardboard packaging was preferred for 10 of the 15 attributes, including all environmental attributes, with half of respondents saying paper/cardboard is better for the environment than other types of packaging. Consumers also preferred paper/cardboard packaging for being home compostable (59%) and easier to recycle (43%).