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.