Multi-year agreement signed between Coca-Cola and Loop Industries to supply the PET material obtained by depolymerization of plastics wastes. This Canadian company, after this agreement, will add another project to its PET recycling by chemical methods.
From the viewpoint of the Canadian company, the story is briefed as follow:
Loop Industries, Inc. a leading technology innovator in sustainable plastic today announced that they have entered into a multi-year supply framework with the Coca-Cola system’s Cross Enterprise Procurement Group (“CEPG”) to supply 100% recycled and sustainable Loop™ PET plastic (“Loop™ PET”) from Loop’s joint venture facility with Indorama Ventures Limited in the United States to authorized Coca-Cola bottlers who enter into supply agreements with Loop. Indorama Ventures is a world-class chemicals company and a global integrated leader in PET and fibers serving major customers in diversified end-use markets.
“We are very proud to become a supplier of Loop™ branded PET resin to the members of the Coca-Cola system’s Cross Enterprise Procurement Group,” said Daniel Solomita, Founder and CEO of Loop Industries. “We are especially pleased to be able to assist Coca-Cola’s authorized bottlers as they work to meet their recycled content ambitions.”
“Like all responsible companies, we need to be selective in choosing our packaging materials so that we continue to eliminate waste and work to reduce the environmental impact,” said Ron Lewis, Chief Supply Chain Officer, Coca-Cola European Partners, a bottler member of CEPG. “Investments like this one with Loop Industries support our goal to ensure that at least 50% of the material we use for our PET bottles comes from recycled plastic, and will help us divert more materials from landfills and build a stronger circular plastic economy.”
This arrangement continues the rapid and exciting progress being made by Loop as it commercializes its breakthrough depolymerization technology which will help reduce global plastic waste and enable major global brands to meet their sustainability goals. As the demand for sustainable packaging solutions continues to grow, Loop Industries has emerged with transformational technology that allows no and low value plastics to be diverted, recovered and recycled endlessly into new, virgin-quality Loop™ PET plastic.
By signing this agreement, the Canadian company Loop Industries adds another piece to its PET chemical recycling project with proprietary technology (Loop PET) signing with Coca-Cola a multi-year framework agreement for the supply of PET resins obtained through depolymerization of bottles and other waste to polyester base.
About Loop Industries, Inc.
Loop’s mission is to accelerate the world’s shift toward sustainable plastic and away from our dependence on fossil fuels. Loop has created a revolutionary technology poised to transform the plastics industry. This technology decouples plastic from fossil fuels by depolymerizing waste polyester plastic to its base building blocks (monomers). The monomers are then repolymerized to create virgin-quality polyester plastic that meets FDA requirements for use in food-grade packaging. For more information, please visit www.loopindustries.com .
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