LG Chem [051910:KS], one of the largest South Korean chemical companies, will supply a new environmentally friendly acrylonitrile butadiene styrene (ABS) product based on vegetable bio-materials to Mattel [MAT:US], a US toy manufacturing company, to develop eco-friendly products, as reported by the Korea Economic Daily on November 5. LG Chem’s newly launched plant-based ABS product is the first product in Asia to acquire the ISCC PLUS certification, a global sustainability certification system for bio-based and circular materials. LG Chem claims that the new ABS product can significantly reduce carbon emissions during the production process. 

Earlier this year, Mattel announced its commitment to using circular design for its products, to achieve 100% recycled, recyclable, or bioplastic materials in products and packaging by 2030, and to reduce plastic packaging by 25% per product by 2030 as part of the company’s ESG strategy. Mattel also launched a toy takeback program called Mattel PlayBack to reuse materials from old Mattel toys to make future Mattel products. For materials that cannot be recycled, the company will downcycle those materials or convert them into energy. Mattel’s purchase of LG Chem’s eco-friendly ABS product marks this effort to achieve its sustainability goals.

Sources:

https://www.marketscreener.com/quote/stock/LG-CORP-6494958/news/LG-Chem-Launches-Asia-s-First-Plant-Material-based-Eco-friendly-ABS-42474193/

https://www.kedglobal.com/petrochemicals/newsView/ked202212050009

https://www.businesswire.com/news/home/20220427005367/en/Mattel-Announces-Goal-to-Reduce-Plastic-Packaging-by-25-per-Product-by-2030-and-Publishes-Latest-Citizenship-Report