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Symphony Environmental Technologies provides update on EU plastics legal challenge
StockMarketWire.com
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Symphony Environmental Technologies has received and is considering the defences provided in its legal action against the Commission , Parliament and Council of the European Union.
The company announced the legal action in December 2021, detailing the compensation claim for damage to its business caused by the failure of the EU Institutions to make it clear that their intended ban of "oxo-degradable plastic" does not apply to "oxo-biodegradable plastic."
Symphony also considers that the ban is in any event illegal due to a failure to accord due process, and because it is disproportionate and discriminatory.
Michael Laurier, CEO of Symphony, said: "The group remains focused on delivering its objective to improve plastic by making it protective against viruses, bacteria, fungi, fire and insects, and reducing its negative impact on the environment by making it biodegradable.
"The legal costs and demands on management time pertaining to the legal action are not expected to be significant during this year. The preparation and service of the proceedings was accounted for in 2020."
At 8:50am: (LON:SYM) Symphony Environmental Technologies PLC share price was 0p at 22p
Story provided by StockMarketWire.com
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