Indorama Ventures Public Company Limited, one of the world’s leading petrochemical companies, and Loop Industries, Inc., a technology innovator in sustainable plastic resin and polyester announced a joint venture to manufacture and commercialize sustainable polyester resin to meet the growing global demand from beverage and consumer packaged goods companies.
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 percent sustainable and recycled PET resin and polyester fiber.
The Indorama Ventures/Loop Industries partnership launches a commercial solution for consumer packaged goods companies in response to the rapid growth in global plastic consumption for which there is a great need to responsibly collect and reuse these materials. Through this joint venture, Indorama Ventures and Loop Industries will be able to perpetually recycle the ever increasing amounts of PET plastic and polyester fiber proving the promise of and encouraging the shift to a circular economy.
The 50/50 joint venture will have an exclusive worldwide license to use Loop’s technology to produce 100 percent sustainably produced PET resin and polyester fiber with plans to begin commercial production in Q1 2020. The production from the facility will be fully subscribed by leading global consumer brands.
Published in the November 2018 Edition