What is ConvaTec?
Medical equipment manufacturer, ConvaTec, has set the price of its initial public offering at 225 pence a piece. The company is now valued at over £4 billion making it the biggest flotation on the London stock market in 2016, and the largest European healthcare listing ever.
The business will raise £1.47 billion from this and use much of it to pay off extensive debts. ConvaTec creates dressings, endotracheal tubes, surgical suction implements, colostomy bags, catheters, and other incontinence equipment, assisting people with long-term chronic illnesses.
The company operates in over 100 countries and has around 9,000 employees, with 11 manufacturing sites in eight nations. It began in 1978 and ran as a division of E. R. Squibb & Sons until it was eventually acquired in 2008 by Nordic Capital and Avista Capital Partners.
In the UK, ConvaTec has 1,000 of its staff and undertakes all of its R&D in Wales. According to The Telegraph, Paul Moraviec, Chief Executive of ConvaTec is pleased by the recent interest and has ambitious plans for the future.
“ConvaTec is a world leader in markets which are large and structurally growing. We have implemented a clear growth strategy, which is now showing solid results through product innovation, new market entry and investments in direct-to-consumer engagement, in addition to which we are implementing a margin improvement programme.”
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Ultium Cells LLC/Li-Cycle: Sustainable Battery Manufacturing
Ultium Cells LLC - a joint venture between General Motors and LG Energy Solutions - has announced its latest collaboration with Li-Cycle. Joining forces the two have set ambitions to expand recycling in North America, recycling up to 100% of the scrap materials in battery cell manufacturing
What is Ultium Cells LLC?
Announcing their partnership in December 2019, General Motors (GM) and LG Energy Solutions established Ultium Cells LLC with a mission to “ensure excellence of Battery Cell Manufacturing through implementation of best practices from each company to contribute [to the] expansion of a Zero Emission propulsion on a global scale.”
Who is Li-Cycle?
Founded in 2016, Li-Cycle leverages innovative solutions to address emerging and urgent challenges around the world.
As the use of Lithium-ion rechargeable batteries in automotive, industrial energy storage, and consumer electronic applications rises, Li-Cycle believes that “the world needs improved technology and supply chain innovations to better recycle these batteries, while also meeting the rapidly growing demand for critical and scarce battery-grade materials.”
Why are Ultium Cells LLC and Li-Cycle join forces?
By joining forces to expand the recycling of scrap materials in battery cell manufacturing in North America, the new recycling process will allow Ultium Cells LLC to recycle cobalt, nickel, lithium, graphite, copper, manganese and aluminum.
“95% of these materials can be used in the production of new batteries or for adjacent industries,” says GM, who explains that the new hydrometallurgical process emits 30% less greenhouse gases (GHGs) than traditional processes, minimising the environmental impact. Use of this process will begin later in the year (2021).
"Our combined efforts with Ultium Cells will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery-grade materials back into the battery supply chain. This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining, " said Ajay Kochhar, President, CEO and co-founder of Li-Cycle.
"GM's zero-waste initiative aims to divert more than 90% of its manufacturing waste from landfills and incineration globally by 2025. Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials,” added Ken Morris, Vice President of Electric and Autonomous Vehicles, GM.
Since 2013, GM has recycled or reused 100% of the battery packs it has received from customers, with most current GM EVs repaired with refurbished packs.
"We strive to make more with less waste and energy expended. This is a crucial step in improving the sustainability of our components and manufacturing processes,” concluded Thomas Gallagher, Chief Operating Officer, Ultium Cells LLC.