Indorama Ventures and Loop Industries launch a JV to manufacture and commercialize sustainable Polyester Resin
Indorama Ventures Public Company Limited, one of the world’s leading
petrochemical companies, and Loop Industries, Inc., a leading technology
innovator in sustainable plastic resin and polyester has launched a
50/50 joint venture company to manufacture and commercialize sustainable
polyester resin to meet the growing global demand from beverage and
consumer packaged goods companies.
The world-class manufacturing footprint of Indorama and proprietary science and technology of Loop will form a world leader in the ‘circular’ economy for 100% sustainable and recycled PET resin and polyester fiber. The JV will use an exclusive worldwide license for Loop’s technology to produce 100% sustainably produced PET resin and polyester fiber.
Aloke Lohia, Group CEO of Indorama Ventures, 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.”
Daniel Solomita, Founder and CEO of Loop Industries, commented, “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. 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.”
The world-class manufacturing footprint of Indorama and proprietary science and technology of Loop will form a world leader in the ‘circular’ economy for 100% sustainable and recycled PET resin and polyester fiber. The JV will use an exclusive worldwide license for Loop’s technology to produce 100% sustainably produced PET resin and polyester fiber.
Aloke Lohia, Group CEO of Indorama Ventures, 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.”
Daniel Solomita, Founder and CEO of Loop Industries, commented, “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. 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.”
Comments
Post a Comment