MN3102 Recycling Of Plastics Wastes Case Study

Introduction of MN3102 Recycling Of Plastics Wastes Case Study

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Poseidon Plastics is a chemical recycling company that is based on high technological development. The main focus of this company is to deliver technology, commercialise, and develop for the recycling of plastic waste. This company has been chosen for the purpose of this study and it is a UK based innovative company. 

The company specialises in the high technological recycling process of plastic waste. It is an innovative company and has the aim of reducing the huge volume of PET waste around the world (Poseidonplastics, 2022). It has also aimed at the single-use of plastics and breaking down all the forms of plastics like carpets, and bottles, and it also includes textiles. The structure of the company can be defined as consisting of many 11-50 employees in their company. It was founded in the year 2018 and headquarter is in Redcar, Cleveland. It is considered to be a privately held company and also profits in its field. The latest funding for the company in October 2020 was around a Grant for $3.36M (Cbinsights, 2022). Poseidon Plastics has many competitors in the markets like the Abundia industry, Panama Capital, and the Green Lizard Technology.

This is considered to be an enhancing company focusing on the commercialisation and development of the PET recycling process. The main expectations of this assignment is to increasing the use of waste PETs in various things. This company used the opaque waste PETs to form its base chemical building block and after that, it is purified for creating the feedstock. It is also aimed to reduce the use of the plastics and to reduce the pollution by the reuse of those things. It is called the first recycling company in Europe that received Green Bond pre-issuance certification (Apollo, 2022). Therefore, it can be said that this is an innovative company in the United Kingdom.

Analysis

1 SWOT analysis of business

Table 1: SWOT analysis

(Source: Created by the author)

Strengths:

Poseidon Plastics has the strength of single control of the resources. This is a great strength of this company as there is no control from outside and the resources are in the control of the company itself (Allen and James, 2021). A single brand is also a great power for the company and having the skilled workers is power itself for Poseidon Plastics. The most important strength of the company in the market is that it has the single control over the market as there is no such company in market.

Weaknesses:

Like other companies, this company also has trust issues in their field and it is considered to be a weakness for the company. Various terms and conditions are also a weakness of this company (Booeshaghi et al. 2019). Another weakness is that all of the workers do not have proper professional experience.

Opportunities:

The company is the first recycling company in Europe and it is a great opportunity for this firm. It has the opportunity to focus on the customers and reshape the organisational culture (Nadel and Gagne, 2018). This company has the opportunity of scientific research that helps in the improvement of the company.

Threats:

Competition in the market is a great threat to the company. The recycling organisation has also been affected by the costs and the loss of the organisation is another threat to them (Frangoulis et al. 2019). Poseidon Plastics is a growing company and it does not have too much fame in the market that is why it lacks a professional identity.

2 Use of corporate social responsibility (CSR) by the business

Poseidon Plastics is a highly focused company with a specialisation in high technological chemical recycling. The very focus is given to the development and delivery technology of the recycling of plastics waste (Poseidonplastics, 2022). It is a kind of social responsibility that the company plays by making an aim to reduce the amount of plastic waste around the world. This company also takes the responsibility to change the single-use of plastics. It can be seen that PET bottles are used for the packaging of juices, sodas, salad dressings, water, cooking oil, shampoo, mouthwash and many more things. Therefore, these are recycled for reuse and for reducing the waste materials of the plastics (Kedzierski et al. 2019). This is the most important corporate social responsibility that the company plays.

Corporate social responsibility

(Source: Nadel and Gagne, 2018)

The use of PETs can be seen in the landing of films for the puniest and trays of fresh produce. BoPET here is a polyester film that is made from the stretched polyethylene terephthalate. BoPET is used because of its high tensile strength. It can be seen that although the recycling rates of PET bottles are high, but the films and PET trays are lower due to some change of colours. Recycling is itself a corporate social responsibility and various companies can embrace it (Allen and James, 2021). They can do recycling and CSR includes environmentally and socially conscious investments. They play an important role in reducing carbon footprints. They influence inclusion, equity, and diversity. It plays an important role in the corporate policies that are beneficial for the environment through the business. Carbon footprints are the most common problem nowadays and in reducing this problem this company plays an important role (Lenz, 2020). It is a rising brand and plays various roles in the improvement of the environment.

The present company does the CSR successfully. This responsibility allows the business to make small as well as large positive changes and this change happens when the company focuses on the decision on what to do (Booeshaghi et al. 2019). It also helps to build customer trust because when the customers use the product of a company that is socially responsible, they also think they are doing their part. Thai responsibility plays an important role in the social changes and raising awareness and Poseidon Plastics has done it efficiently. Green Financing Framework is also a social corporate responsibility that the company plays.

3 Creativity and innovation in business

Creativity and innovation is the most important part of the growth of a business organisation. In this study, the present company also tries to innovate and make creativity in their organisation. They are-

Ensure best practices for the safety of health:

The company has made best practices for the safety of health in an innovative way. It gives focuses on the recycling of plastics for further use and keeps eye on health safety. The plastics wastes are recycled in a scientific way taking good care of the safety policy in the company (Poseidonplastics, 2022). It breaks down opaque and coloured wastes in its best chemical building blocks and properly purifies them.

Innovation in the technology:

The purpose of the company is to improve the world by reducing plastic waste and making their use in a great way so that they cannot harm the environment. Innovation in technology plays an important role in this factor and creating new technologies helps them to continue their work (Nadel and Gagne, 2018). The advanced technology helps the company to make changes in their way.

Innovation by Poseidon plastic

(Source: Poseidonplastics, 2022

Reuse of plastic wastes in different things:

The company takes good care of the reuse of plastic wastes in various things. The plastic wastes are recycled and with the creation of bio plastic, various activities are served through this (Zhongming et al. 2020). The bio plastics are used for the packaging of foods and they can be decomposed within the compost bin. In this field, ocean plastics are also used for the formation of tennis shoes.

Innovation for carbon emission reduction:

The innovation is made in this company for reducing the carbon emissions and also for reducing the unnecessary plastic wastes. This process ultimately leads to the purpose of single-use of plastic wastes (Greenwood, 2019). The company does the innovation in the field of packaging different products.

Innovation for reducing plastics pollution:

The motto of this company is to reduce plastic waste from the environment. It also makes changes in its technology for reducing plastic pollution.

Conclusion and Recommendation

Poseidon Plastics is a company that works on renewable energy manufacturing. It works like a semiconductor and is a recycling company. This company gives focuses on the development of plastic wastes through the use of high technology. This is a company that works with an aim and plays corporate social responsibilities in their field. Plastics nowadays are a great problem to the environment and have harmful effects. The company has taken an initiative for the degradation of this issue in this field and conduct different activities.

Recommendations

It is recommended to the higher authority of the present company that they can make technological development for their better future. Diversification in the recycling process can also be done by the authority (Poseidonplastics, 2022). It is suggested that the company Poseidon Plastics can reuse the plastics wastes by making chemical changes to them. The recommendation for the company is that it can make their field-wide by innovative plastics wastes in different things. The effect of carbon emission can be improved by the use of proper technologies and the company can do it. Another recommendation for the company is that development in the corporate policies can also be done by it and it can be a huge change in their field (Lenz, 2020). All these factors can be helpful for the company and its growth.

References

Allen, R.D. and James, M.I., 2021. Chemical Recycling of PET. In Circular Economy of Polymers: Topics in Recycling Technologies (pp. 61-80). American Chemical Society.

Apollo.io, 2022, Competitors of Poseidon Plastics. Available at: https://www.apollo.io/companies/Poseidon Plastics/5e55cd7c818560000153a9f9?chart=count [Accessed on: 25.04.2022]

Booeshaghi, A., Beltrame, E.D.V., Bannon, D., Gehring, J. and Pachter, L., 2019. Principles of open source bioinstrumentation applied to the poseidon syringe pump system. Scientific reports, 9(1), pp.1-8.

Cbinsights.com, 2022, Profit of Poseidon Plastics. Available at: https://www.cbinsights.com/company/poseidon-plastics/financials [Accessed on: 25.04.2022]

Frangoulis, C., Petihakis, G., Perivoliotis, L., Korres, G., Ballas, D., Pagonis, P., Notumas, M., Pettas, M., Sotiropoulou, M., Bekiari, M. and Kalampokis, A., 2019, June. The POSEIDON Supersite Observatory. A Technological Test-bed for the Eastern Mediterranean. In OCEANS 2019-Marseille (pp. 1-6). IEEE.

Greenwood, M., 2019. Seafood Supply Chains: Governance, Power and Regulation. Routledge.

Kedzierski, M., Falcou-Préfol, M., Kerros, M.E., Henry, M., Pedrotti, M.L. and Bruzaud, S., 2019. A machine learning algorithm for high throughput identification of FTIR spectra: Application on microplastics collected in the Mediterranean Sea. Chemosphere, 234, pp.242-251.

Lenz, M., 2020. RV POSEIDON Fahrtbericht/Cruise Report POS536/Leg 1.

Linkedin.com ,2022, Company profile. Available at: https://fr.linkedin.com/company/poseidon-plastics-ltd [Accessed on: 25.04.2022]

Nadel, M. and Gagne, M., 2018. The Poseidon patrol.

Poseidonplastics.com, 2022, Corporate Social Responsibility. Available at: http://poseidonplastics.com/corporate-responsibility/ [Accessed on: 25.04.2022]

Poseidonplastic, 2022, Overview of the company. Available at: http://poseidonplastics.com/ [Accessed on: 25.04.2022]

Zhongming, Z., Linong, L., Xiaona, Y., Wangqiang, Z. and Wei, L., 2020. URKI funding puts UK at the forefront of next generation plastic recycling.