- Indorama Ventures’ world-class manufacturing and Loop’s state-of-the-art recycling technology combined to invest in multi-billion dollar sustainable PET resin and polyester market opportunity
- Demand for supply of sustainable PET sees explosive growth from beverage and consumer packaged goods companies adopting significant circular and sustainable packaging targets
- Indorama Ventures/Loop Industries partnership plan to begin production in Q1 2020
Bangkok, Thailand, and Montreal, Quebec (September 24, 2018) – Indorama Ventures Public Company Limited (Bloomberg ticker IVL.TB), one of the world’s leading petrochemical companies, and Loop Industries, Inc. (Nasdaq: LOOP), a leading technology innovator in sustainable plastic resin and polyester today 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 world-class manufacturing footprint and Loop’s proprietary science and technology to become a reliable world leader in the ‘circular’ economy for 100% 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 world-wide license to use Loop’s technology to produce 100% 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.
Commenting on this new venture, Group CEO of Indorama Ventures, Aloke Lohia, said, “At Indorama Ventures, we continue to pursue the right opportunities to fill gaps that are intrinsic to our sustainable and profitable business by deploying resources in order to support the circular economy. This joint venture with Loop Industries emphasizes 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.”
“We are excited to launch this partnership with Indorama Ventures, who provide a global leadership platform in petrochemical manufacturing and a shared commitment to sustainability. 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 commercialization plan and mission to accelerate the world’s shift toward sustainable plastic and away from the traditional, take, make and dispose economy.”
About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and the Americas. The company’s portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers and Packaging, selectively integrated with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures products serve major FMCG and Automotive sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 16,000 employees worldwide and consolidated revenue of US$ 8.4 billion in 2017. The Company is listed in the Dow Jones Sustainability Index (DJSI). Indorama Ventures is headquartered in Bangkok, Thailand with operating sites in:
- EMEA - The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal
- The Americas - USA, Mexico, Canada, Brazil
- Asia - Thailand, Indonesia, China, India, the Philippines, Myanmar