GENEVA, SWITZERLAND and MONTRÉAL, CANADA / ACCESSWIRE / November 13, 2019 /
Loop Industries, Inc. (NASDAQ: LOOP), a leading sustainable plastics technology innovator, and L'OCCITANE en Provence, a global manufacturer and retailer of natural beauty and well being products, today announced that they are expanding their supply agreement. Thanks to this extended partnership, L'OCCITANE expects to accelerate the transition to 100% sustainable PET plastic in all its bottles and thus meet its 2025 goal ahead of schedule. This represents a significant shift in the brand's efforts to achieve a circular economy that givespolluting materials a second life.
In February 2019, Loop Industries and L'OCCITANE announced the signing of a multi year take or pay supply agreement for Loop™ branded 100% sustainable PET plastic resin, which was to be supplied from Loop's first European PET manufacturing facility in 2022. The agreement has since been expanded, and Loop will now supply L'OCCITANE with 100% of the PET plastic resin required for its bottles. Loop will begin supplying its sustainable PET resin to L'OCCITANE from its joint venture manufacturing facility with Indorama Venture Public Company Limited (IVL) in Spartanburg, South Carolina. 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. As part of this agreement Loop and Indorama Ventures expect the delivery of materials to L'OCCITANE en Provence to begin in 2021.
"Consumer brands have a growing need to adopt sustainability measures and are embracing technology to help them achieve their goals. As an innovator in sustainable PET plastic manufacturing, it is our responsibility to remain agile and support our clients' objectives," said Giovanni Catino, Senior Director of Sales and Business Development for Loop Industries. "We are happy that our expanded relationship will enable us to provide L'OCCITANE with additional material and to begin supplying them earlier to help them meet their goal ahead of schedule."
Adrien Geiger, Global Brand Director at L'OCCITANE en Provence, adds: "Sensible sustainable thinking lies at the heart of everything we do. We are committed to limiting the impact of our business on the environment at every possible step, from product formulation and sustainable packaging through to final product distribution. We are delighted to announce that, thanks to Loop Industries, we expect to move to 100% sustainable PET plastic in all our bottles earlier than originally planned."
About the L'OCCITANE Group
The L'OCCITANE Group is an international group that manufactures and retails beauty and well being products that are rich in natural and organic ingredients. A global leader in the premium beauty market, the Group has more than 3 ,400 retail outlets, including 1,572 owned stores, and is present in 90 countries. Through its six brands L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil, LimeLife and ELEMIS the Group offers new and extraordinary beauty experiences, using high quality products that respect nature, the environment and the people in it.
About Loop Industries
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop owns patented and proprietary technology that depolymerizes no and low-value waste PET plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop™ branded PET resin and polyester fiber suitable for use in food-grade packaging, thus enabling our customers to meet their sustainability objectives. Loop Industries is contributing to the global movement towards a circular economy by preventing plastic waste and recovering waste plastic for a more sustainable future for all.
Common shares of the Company are listed on the Nasdaq Global Market under the symbol “LOOP.”
This news release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond Loop’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) commercialization of our technology and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding, (vi) building our manufacturing facility, (vii) our ability to sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) adverse effects on the Company’s business and operations as a result of increased regulatory, media or financial reporting issues and practices, rumors or otherwise, and (x) other factors discussed in our subsequent filings with the SEC. More detailed information about Loop and the risk factors that may affect the realization of forward-looking statements is set forth in our filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise
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