Berry Global (BERY) to Advance Sustainability in Mexico
Berry Global Group BERY has entered into a five-year power purchase agreement (PPA) with multinational renewable energy company, ACCIONA Energia, to operate four of its Mexican facilities with wind and solar power.
The PPA procures nearly 100,000 megawatt hours (MWh) of cost-effective, renewable energy annually and is projected to avoid around 40,000 metric tons of carbon dioxide. This advances BERY’s aim to meet its net-zero goals. It also helps the company’s customers move forward in achieving their sustainability goals.
The agreement reduces Berry Global’s operational impact and customers’ supply chain emissions, simultaneously minimizing the cost and price fluctuation related to fossil fuels. As part of this deal, BERY’s San Luis Potosi, Cuautitlán Izcalli, Atlacomulco, and Tlanepantla sites across Mexico will consume 100% renewable energy through a combination of around 70% wind and 30% solar. Being the largest site to be powered through the PPA, San Luis Potosi will account for roughly two-thirds of BERY’s total energy consumption in Mexico.
Berry Global Group, Inc. Price
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The new agreement builds on Berry Global’s existing Latin American renewable energy portfolio, which is estimated to consume renewable energy of more than 120,000 MWh. By allowing BERY to increase its renewable energy usage year over year, these investments help the company step up its Science Based targets initiative-validated climate goals to reduce absolute Scope 1+2 (operational) emissions by 25% and Scope 3 (supply chain) emissions by 25% by 2025 compared with 2019.
Zacks Rank & Key Picks
Berry Global currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Flowserve Corporation FLS presently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 6.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Flowserve has an estimated earnings growth rate of 79.1% for the current year. The stock has jumped 26.4% so far this year.
Graham Corporation GHM currently flaunts a Zacks Rank #1. The company pulled off a trailing four-quarter earnings surprise of 243.1%, on average.
Graham has an estimated earnings growth rate of 400% for the current fiscal year. The stock has rallied around 60% so far this year.
Applied Industrial Technologies AIT currently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 15%, on average.
Applied Industrial has an estimated earnings growth rate of 3.1% for the current fiscal year. The stock has gained 22% in the year-to-date period.
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