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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Neste Oyj    NESTE   FI0009013296

NESTE OYJ

(NESTE)
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Neste Oyj : and Ravago start collaboration to enable chemical recycling of over 200,000 tons of plastic waste annually

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11/12/2019 | 02:01am EST

Neste Corporation, Press Release, 12 November 2019 at 9 a.m. (EET)

[image]Neste has set a target to process annually more than one million tons of plastic waste from 2030 onwards.

Neste, the world's leading provider of renewable diesel (https://www.neste.com/companies/products/renewable-fuels/neste-my-renewable-diesel), renewable jet fuel (https://www.neste.com/companies/products/renewable-fuels/neste-my-renewable-jet-fuel), and an expert in delivering drop-in renewable chemical solutions (https://www.neste.com/companies/products/renewable-chemicals), and Ravago, the world's leading distributor and recycler of polymers, are joining forces to develop chemical recycling of plastic waste with the aim to reach significant industrial scale. Neste and Ravago have set a joint target to reach an annual capacity to process over 200,000 tons of waste plastic. 

Through collaborating in chemical recycling, Neste and Ravago wish to accelerate circularity of materials and improve resource-efficiency in the petrochemical industry. The two companies also want to provide more sustainable alternatives to primary fossil feedstock. Chemical recycling of plastic waste will enable the petrochemical industry to meet its recycling targets and develop a more sustainable, climate-friendlier offering. 

"Ravago's geographical reach and expertise in plastics recycling together with Neste's track record in upgrading challenging refinery feedstock provide an excellent foundation for demonstrating and scaling up chemical recycling with speed. Collaboration also brings Neste closer to having the necessary partnerships and infrastructure to meet our Plastics Pledge target (https://www.neste.com/companies/products/fossil-fuels/replacing-crude-oil-waste-plastics). Our aim is to process annually more than one million tons of plastic waste from 2030 onwards. With this, we could contribute to increasing the annual recycling rate of post-consumer plastic waste by 25 to 30% from the current level in Europe," says Mercedes Alonso, Executive Vice President, Renewable Polymers and Chemicals at Neste.

"At Ravago, we carry the waste issue at heart. Our company has been mechanically recycling polymers for nearly 60 years, however chemical recycling should be part of a sustainable solution that our society requires today to address the growing need for valorising consumer waste. We are proud and energised to establish this partnership with Neste, who is the leading company in the field of renewables, as it provides a solid foundation to enable the different nascent technologies to mature and the broader industry to take off. We want to give a definitive answer to plastic waste issue," says Theo Roussis, CEO of Ravago.

Chemical recycling will enable the companies to upgrade even colored and mixed plastic packaging waste into high-quality raw material for the production of new plastics, chemicals and fuels. Unlike mechanically recycled plastics, chemical recycling enables waste plastic to be used as raw material even in the most sensitive applications, such as in primary food packaging as well as pharmaceutical and healthcare applications. 

Neste Corporation

Susanna Sieppi
Vice President, Communications (act.)

Further information:

Neste:
Heikki Färkkilä, Vice President, Chemical Recycling, Renewable Polymers and Chemicals. Please contact Neste's media service, tel. +358 50 458 5076 / media@neste.com (weekdays from 8.30 a.m. to 4.00 p.m. EET).

Replacing crude oil with waste plastics
 (https://www.neste.com/companies/products/fossil-fuels/replacing-crude-oil-waste-plastics)Neste's circular plastics solutions (https://www.neste.com/companies/solutions/circular-plastics-solutions)

Ravago:
Axel Roussis, Commercial Director Europe, Middle East, Asia Pacific. communication@ravago.com 

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2018, Neste's revenue stood at EUR 14.9 billion. In 2019, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Read more: neste.com (https://www.neste.com)

Ravago in brief

Since its foundation in 1961 by Raf Van Gorp, Ravago has been a family-owned, global service provider to the chemical industry. As distributor of polymers and chemicals, logistics service provider and manufacturer of polymers, chemicals and construction materials, we serve nearly 50,000 customers with multiple products and services. Recycling has been our legacy and core since our inception: nowadays, we mechanically recycle over 300,000 metric tons of polymer waste annually with the goal of tripling this volume over the coming 10 years. Our growth has been possible thanks to the 7,000 employees that make up our family, and the values we represent: entrepreneurship, humility, human focus and professionalism.

https://news.cision.com/neste/r/neste-and-ravago-start-collaboration-to-enable-chemical-recycling-of-over-200-000-tons-of-plastic-wa,c2959005

https://news.cision.com/neste/i/en-neste-plastics-recycling-europe,c2714362

(c) 2019 Cision. All rights reserved., source Press Releases - English

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Financials (EUR)
Sales 2019 15 325 M
EBIT 2019 1 582 M
Net income 2019 1 223 M
Finance 2019 133 M
Yield 2019 2,82%
P/E ratio 2019 18,5x
P/E ratio 2020 16,8x
EV / Sales2019 1,47x
EV / Sales2020 1,57x
Capitalization 22 654 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 35,49  €
Last Close Price 29,51  €
Spread / Highest target 35,5%
Spread / Average Target 20,3%
Spread / Lowest Target -5,46%
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Managers
NameTitle
Peter Vanacker President & Chief Executive Officer
Matti Kähkönen Chairman
Jyrki Mikael Mäki-Kala Chief Financial Officer
Lars Peter Lindfors Senior Vice President-Innovation
Laura Marita Raitio Vice Chairman
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