LeHigh gains Circular Economy honours at World Economic Forum.
Recognition of Circular Economy Benefit from LeHigh
Lehigh Technologies has been selected as the winner of the Young Global Leaders Award for Circular Economy SME (small-to-medium-sized enterprises), held in conjunction with the 2019 World Economic Forum in Davos, Switzerland. The award was presented as part of The Circulars 2019, the fifth edition of those awards.
Lehigh reports that it was recognised by organisers “for its continued work upcycling end-of-life tyre materials into micronised rubber powder (MRP), a sustainable, lower-cost, high performing and customisable feedstock for industrial and consumer markets.”
MRP has many uses, but one of its key markets is in reintroducing recycled tyre rubber back into tyres, creating a closed recycling loop.
This reintroduction of recycled rubber is of critical importance to tyre manufacturers such as Michelin, Bridgestone, Continental and others, as there are limits on the availability of natural rubber, and recycling rubber keeps costs down and reduces demand on virgin rubber.
“This recognition properly underscores Lehigh’s dedication to the growing role of the circular economy across many sectors across the world,” states Lehigh CEO Paul Crehan. “Our unique value proposition has enabled our rapid growth over the past decade, and we’re happy to see that the award organisers are acknowledging the trend.”
MRP also can be used as a replacement for fossil-fuel based raw materials in other applications, including construction, asphalt and plastics, says the firm.
“Consumers, employees, stakeholders and policymakers alike expect companies to lead with purpose around sustainability and are holding them accountable,” remarks Peter Lacy, a senior managing director with consulting firm Accenture Strategy, a sponsor of the awards. “Inaction or idleness can severely harm competitiveness, with a drop in stakeholder trust costing businesses globally $180 billion in potential revenues. Moving to a circular economy delivers the disruptive change needed to secure a sustainable future, while enabling businesses to unlock innovation and growth.”
LeHigh was purchased by Michelin Group in 2018.