Loop Industries Expands into Cosmetics sector with L’Oréal Group
Terrebonne, Quebec-July 26, 2018 - Loop Industries, Inc. (Nasdaq:LOOP), a global leader in sustainable packaging innovation, announced that it has signed a Letter of Intent with L’Oréal Group, the global leader in the beauty industry setting the stage for L’Oréal to become the first major cosmetics company in the world to close the loop on their PET plastic packaging by incorporating Loop™ PET. This collaboration between L’Oréal Group and Loop will further accelerate the transition to the circular plastic economy.
Thanks to Loop’s breakthrough technology, waste PET plastic and polyester fiber that once made its way to landfills, incinerators and our shared natural areas, rivers and oceans can now be diverted and converted into Loop™ PET to be endlessly upcycled. Loop’s technology deconstructs waste PET plastic and polyester fiber from sources such as water and soda bottles, textiles, consumer goods packaging and more into its base monomers separating out all impurities and then reconstructs the monomers into Loop™ PET. Moreover, the Loop™ technology to produce Loop™ PET resin meets FDA requirements for food grade packaging. “We are very proud to have L’Oréal join us in the Loop,” said Nelson Switzer, Chief Growth Officer of Loop Industries. “When companies use and activate the Loop™ brand and products, consumers are able to readily identify and choose a sustainable solution that is poised to help solve the plastic crisis.” “As the leader in the beauty industry, we believe we have a responsibility to bring innovative and sustainable solutions to the consumer. That is why we seek to partner with innovative companies and leverage technologies, such as Loop, that will trigger an acceleration in the transition to a circular economy. And Loop™ PET is able to meet the rigorous packaging standards of L’Oréal,”said Philippe Thuvien, Global Head of Packaging and Development of L’Oréal Group. Loop and L’Oréal intend to complete a definitive supply agreement for Loop™ PET resin in the United States and the European Union before the end of fall 2018. 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 disrupt the plastics industry. This ground-breaking 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. Loop™ branded polyester resin allows consumer goods companies to meet and exceed their stated sustainability goals and circular ambitions. For more information, please visit www.loopindustries.com. |
