Latest news with #Novamont
Yahoo
26-06-2025
- Business
- Yahoo
Eni & Its Plastics Unit Novamont Face 32M Euro Market Abuse Fine
Italy's competition watchdog has slapped energy giant Eni S.p.A E and its bioplastics unit, Novamont, with fines exceeding €32 million for abusing a dominant market position in the production of plastic bags, according to a Reuters report. Per the report, the Italian Antitrust Authority announced the penalties on Tuesday following a probe into Novamont's business conduct. The regulator found that between Jan. 1, 2018, and Dec. 31, 2023, Novamont was engaged in exclusionary practices aimed at sidelining competitors in the domestic markets for raw materials used in producing light and ultra-light bags for fruit and vegetables. While Eni received a fine of €1.7 million, Novamont — majority owned by Eni until recently —was hit with penalties totaling €30.4 million. In response to the ruling, Novamont said that it firmly disagrees with the decision and plans to challenge the findings in court. The company stated it had clearly demonstrated that its business conduct was fair and focused on safeguarding innovation, quality and value in the Italian market. Novamont added that it would assert its rights through judicial proceedings, defending its commercial strategy as one grounded in protecting product quality and environmental integrity. The ruling highlights increasing scrutiny of competition practices within Italy's bioplastics and sustainability-driven packaging sectors. As environmental regulations tighten across Europe, companies like Novamont have found themselves at the intersection of innovation and regulatory oversight. Eni has not issued a separate comment on the decision yet. E currently carries a Zack Rank #4 (Sell). Investors interested in the energy sector may look at a few better-ranked stocks like Subsea 7 S.A. SUBCY, W&T Offshore, Inc. WTI and Oceaneering International, Inc. OII. Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while W&T Offshore and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today's Zacks #1 Rank stocks here. Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore. The Zacks Consensus Estimate for SUBCY's 2025 EPS is pegged at $1.31. The company has a Value Score of A. W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability, and significant untapped reserves. The company's acquisition of six shallow-water fields in the GoA added 18.7 million barrels of proved reserves and 60.6 million barrels of proved plus probable reserves. The firm is focused on strategically allocating capital toward organic projects, which should boost its production outlook. WTI has a Value Score of B. Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability. The Zacks Consensus Estimate for OII's 2025 EPS is pegged at $1.79. The company has a Value Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eni SpA (E) : Free Stock Analysis Report W&T Offshore, Inc. (WTI) : Free Stock Analysis Report Oceaneering International, Inc. (OII) : Free Stock Analysis Report Subsea 7 SA (SUBCY) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
24-06-2025
- Business
- Reuters
Italy regulator fines Eni and its plastics unit 32 mln euros for market abuse
MILAN, June 24 (Reuters) - Italy's antitrust authority said on Tuesday it had imposed fines exceeding 32 million euros ($37.18 million) on energy company Eni ( opens new tab and its plastics unit Novamont for abuse of a dominant market position in the production of plastic bags. Novamont, which makes bioplastics, employed practices aimed at excluding competitors in domestic markets for raw materials used to produce light and ultra-light bags for fruits and vegetables, the regulator said in a statement. It fined Eni 1.7 million euros, while Novamont faced penalties totalling 30.4 million euros for market abuse spanning from at least January 1, 2018 to December 31, 2023. Eni will issue a statement in response to the antitrust ruling, a spokesperson said. ($1 = 0.8607 euros)
Yahoo
17-03-2025
- Business
- Yahoo
Amazon's latest packaging change could shake up the industry — here's what it means for your next delivery
Amazon is taking a big step towards greener shipping processes by rolling out bio-based delivery bags in Spain. The company is testing out these new bags as part of increased efforts to reduce its reliance on plastic bags, which have detrimental environmental impacts. "Our new Amazon Fresh bio-based bags provide protection against spills and condensation," said Alan Jacobsen, the director of materials and energy science for Amazon. He went on to say that the bags "are less impactful for the planet because they are made from renewable, food-safe materials derived from plants, like corn starch and vegetable oils." The new bags, which are produced by the Italian company Novamont, offer a promising alternative to traditional plastic delivery bags. Amazon said these are durable, food-safe, and weather-resistant, and the new design does not take away from any of its usability. Traditional plastic bags are made from petroleum, also known as crude oil, just like gasoline. By using bags made of bio-based materials, the negative effects associated with these resources — namely, their role in our warming climate and environmental harm — can be avoided. These choices will ultimately benefit humans, preventing harmful microplastics from reaching water sources and protecting communities from extreme weather conditions — both of these issues are exacerbated by plastic pollution. Supporting companies that choose environmentally friendly options can demonstrate that money can be made when trying to achieve a greener future. While the rollout of bio-based delivery bags is a significant step forward, the challenges remain in implementing such sustainable changes at a company-wide scale. Statements from Amazon have been promising thus far, and the company has shown signs of continuing the production of these products. When you think about a product's packaging, which of these factors is more important to you? The way it looks The information it provides The waste it produces I don't think about packaging at all Click your choice to see results and speak your mind. "Instead of only having composting as an end-of-life solution for these materials, this new process enables biodegradable plastics to be efficiently recycled, keeping these materials in use and reducing the need for additional raw materials," said Jacobsen. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
