The E.U. is planning on scrapping plastic cutlery, straws, etc.
While the initiative would be good for the environment, it would probably hurt leading plastic companies, such as Berry Global Group Inc. (BERY) - Get Berry Global Group Inc Report , Bemis Company Inc. (BMS) - Get Bemis Company, Inc. Report and Sealed Air Corp. (SEE) - Get Sealed Air Corporation Report .
The E.U. unveiled its plan on Monday, May 28, but it will need to be approved by all member states and the European Parliament.
In total, it could take up to 5 years for the regulation to go into effect.
In midday trading on Tuesday, May 29, Sealed Air was down 3%, Bemis was down 2%, and Berry Global was down nearly 4%.