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) , Bemis Company Inc. (BMS) and Sealed Air Corp. (SEE) .
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%.