Indorama Ventures and Loop Industries has announced a joint venture to manufacture and commercialise sustainable polyester resin to meet the growing global demand from beverage and consumer packaged goods companies.
The companies believe this partnership brings together Indorama Venture’s manufacturing footprint and Loop’s proprietary science and technology to become a reliable world leader in the ‘circular’ economy for 100 per cent sustainable and recycled PET resin and polyester fibre.
Through this joint venture, Indorama Ventures and Loop Industries will be able to perpetually recycle PET plastic and polyester fibre.
The 50/50 joint venture will have an exclusive world-wide license to use Loop’s technology to produce 100 per cent sustainably produced PET resin and polyester fibre.
The production from the facility will be fully subscribed by leading global consumer brands, with plans to begin commercial production in Q1 2020.
Aloke Lohia, Group CEO of Indorama Ventures, said: “This joint venture with Loop Industries emphasises our belief in recycling and is aimed at investing in new technologies that can steer further our aspiration of being a world-class chemical company making great products for society.”
“This joint venture combines each of our companies’ area of expertise so that we may both play a leading role in the global shift by business and consumers to the circular economy,” said Daniel Solomita, Founder and CEO of Loop Industries.
“This is a first strategic step in our global commercialisation plan and mission to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy.”