Honeywell partners with TotalEnergies to promote advanced plastic recycling

0

The French energy company TotalEnergies SE (NYSE: TTE) and Honeywell International, Inc. (NASDAQ: HON) have signed an agreement to promote the development of advanced plastic recycling.

Under the terms of the agreement, Honeywell will use its UpCycle process technology to supply recycled polymer (RPF) feedstock to TotalEnergies. TTE will convert this raw material into virgin grade polymers for use in very demanding applications such as food grade packaging.

Honeywell will use UpCycle process technology to manufacture RPF at its soon-to-be-built state-of-the-art recycling plant in Andalusia, Spain. The North Carolina-based company plans to build the plant in a joint venture with Spanish infrastructure operator and developer Sacyr (SYRVF).

The Andalusia plant, which is expected to start operations in 2023, is expected to process and convert 30,000 tonnes of mixed plastic waste into RFP each year. TotalEnergies will use this RPF to manufacture high quality polymers in its production units in Europe.

Valérie Goff, Senior Vice-President of Polymers at TotalEnergies, said: “This project, with a targeted start in 2023, will help meet our ambition to produce 30% recycled and renewable polymers by 2030.”

Vice President and General Manager of Honeywell Sustainable Technology Solutions, Ben Owens, said, “The relationship with TotalEnergies will provide a strong supply partner for recycled polymer feedstocks and coupled with our recently announced state-of-the-art recycling plant with Sacyr. , Honeywell is leading the campaign towards a more circular plastics economy.

About Honeywell

Multinational conglomerate Honeywell offers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and high-performance materials.

HON stock closed down 2.4% on Thursday at $184.59.

The Taking of Wall Street

After the company announced its fourth quarter results, UBS (NYSE: UBS) analyst Markus Mittermaier maintained a buy rating on the stock but lowered the price target to $220 from $237 (upside potential of 19.2%).

The analyst said: “Even (after) factoring in headwinds from declining mask sales, challenging Intelligrated comps and sluggish defense activity, investors were surprised by this subdued outlook, given improving trends in commercial aerospace, non-residential spending and double digital order growth in process solution projects. »

Overall, the stock has a Moderate Buy consensus rating based on 7 Buys and 8 Takes. Honeywell International’s average price target of $226.27 implies upside potential of 22.6%. Stocks have lost 15.7% over the past year.

Reviews of bloggers

Data from TipRanks shows that financial bloggers’ views are 78% bullish on HON, compared to the industry average of 71%.

Download TipRanks mobile app now.

To find great stock trading ideas at attractive valuations, visit TipRanks’ Best Stocks to Buy, a recently launched tool that brings together all of TipRanks’ stock information.

Read the full disclaimer and disclosure

Related News:
BMO Reaches Financing Agreement with Seaspan
Nutrien Hikes Dividend with Q4 Beat and Possible 10% Buybacks
Aecom Updates 1 Key Risk Factor

Share.

Comments are closed.