New ambitious sustainability targets underline commitment to a circular economy

Launched in support of its overall sustainability vision of ‘supporting packaging markets with responsibly built products and sustainable solutions designed for circular economies’, the new portfolio is designed for a wide range of film, paper and aluminium packaging applications and is based on a number of binder technologies ensuring suitability no matter what substrate is used.

The chlorine-free heat sealable coating range meets all technical and regulatory requirements and provides a solution for the latest mono-material packaging structures designed for today’s recycling infrastructure.

Stephen Butler, Product Manager for Flint Group Flexible Packaging in Europe, said: “Many brands and corporations are seeking to eliminate polyvinyl chloride from their packaging due to concerns about its impact on the recyclability of packs, as well as the environment. When PVC is mechanically recycled in today’s typical recycling stream, the high processing temperature can cause degradation of the resin into smaller chlorinated components, which can impact the quality of the resulting recyclate.

“At Flint Group, we are committed to building products responsibly ensuring we do not use harmful substances and, wherever possible, utilise responsibly sourced materials to help drive a more sustainable future for our industry. This new range of chlorine-free heat sealable coatings is testament to that commitment.”

Alongside the post-consumer packaging recycling advantages, NexisCode chlorine-free heat sealable coatings have a number of benefits. These include the possibility to heat-seal pack structures based on non-sealable mono-materials to achieve a reduction in total packaging weight and low thermal sealing properties enabling their use in temperature-sensitive packaging applications.

The new range from Flint Group Flexible Packaging also offers printing process versatility. It is suitable for rotogravure, flexographic and coating applications and is available in both peelable and non-peelable formats for tear performance on a wide range of packaging substrates. Compliant with the European food contact material regulations, with some products being designed for direct food contact, the coatings range is defined as low migration due to its particular chemical composition.

The launch includes an extensive range of solvent-based coatings sealable against soft and hard aluminium, as well as polyolefin and PET films, alongside a complete portfolio for paper packaging structures that are fully re-pulpable in a post-consumer recycling process.

Stephen Butler concluded: “With our new range of NexisCode chlorine-free heat sealable coatings covering a broad range of flexible packaging and paper & board packaging applications, we enable our customers to achieve robust and sustainable heat sealing for almost any packaging application.”

Hinchey notes hemp is biodegradable and therefore would save the environment from further pollution if cannabis produces are packaged in it.

“What we have done is directed the state’s new cannabis control board to develop a plan so that industrialized hemp can be used as a packaging material. That way we won’t use plastics, will be using something that is biodegradable, that will support our farmers, specifically New York State farmers – small- and mid-sized family farms with a new product and create the demand,” she said.

In the long term, Hinchey said biodegradable industrialized hemp could be used instead of plastic for bottled water and other product packaging.

The company's board of directors approved the divestment of the remaining 51 percent shareholding in Max Speciality Films Limited (MSFL), a subsidiary of Max Ventures & Industries Limited (MaxVIL), in two separate tranches to Japan's Toppan Inc., a 49 percent strategic partner in MSFL, at an enterprise value of Rs 1,350 crore on Sunday, according to a BSE filing. This translates into an equity value of about Rs 600-650 crore (subject to customary adjustments).

"We have so far focuseed on commercial development, but we will now enter the residential segment and are in the final stages of acquiring three land parcels," said a company source.
 

The company will also change its name from MaxVIL to Max Estates Ltd.

"Board of Directors has authorised the investment and finance committee of the Board to explore various modalities for restructuring with its wholly owned subsidiary, Max Estates Limited, and be renamed as Max Estates Limited after receiving required statutory approvals. The change of name will bring better synergies between the name and the operations of the company," the company said in the filing.
 

Toppan would also be taking over the debt of MSFL as part of the deal. After acquisition of 49% stake in 2017 for about Rs 200 crore Toppan became a strategic partner of MaxVIL.

Engaged in businesses of real estate and specialty packaging films MaxVIL has decided to exit from the non-core businesses.

Post this exit, the Company will completely focus on the real estate business in the premium residential and commercial space in Delhi-NCR.

“The decision to divest our residual 51% stake in specialty packaging business to the existing partner is to generate additional growth capital to deploy in the real estate business that offers tremendous growth opportunities,” said said Sahil Vachani, MD & CEO of MaxVIL.
 

After the divestment, the company will be able to create a war-chest of more than Rs 1,000 crore funded from sale proceeds, internal accruals, and potential commitment from financial investors. This will help in expanding the residential and commercial real estate footprint in Delhi-NCR.

New York Life Insurance Company, a longstanding partner of the Group, is a strategic investor in the company, owning about 23% stake.
 

Additionally, it has also invested at the project level through SPVs (Special Purpose Vehicles) route by picking up a 49% stake in Max Square, a commercial project on the Noida-Greater Noida Expressway.

The company will continue to look for such strategic/financial partners to back its expansion plans.

MaxVIL is in advance discussions with nearly half a dozen landowners to acquire and develop prime land parcels in Delhi-NCR.
 

“Backed by a successful track record of developments in the commercial space such as Max Towers and Max House, strength of differentiation in design, end-user experience, and the overall impeccable governance of the Max Group; MaxVIL is well-positioned to scale both its commercial and residential businesses, and deliver substantial value to all stakeholders,” Vachani said.

The company recorded consolidated revenues of Rs 3,783 million – up 31% from the year-ago period. The consolidated EBITDA rose 20% from the corresponding year-ago period to Rs 627 million.

“Q2FY22 proved to be a splendid quarter for our commercial real estate business. Max Towers and Max House are 93% and 60% leased, respectively, while commanding a 20-25% rental premium in the micro-market. With a strong enquiry pipeline, aided with recovery in the country’s economy, we are extremely confident of 100% leasing of both of our assets this financial year, and of our growth trajectory moving forward,” said Vachani.