Loop Industries, Inc., a leading manufacturer and innovator of sustainable plastics technology, and L'OCCITANE en Provence recently announced that they will be expanding their supply agreement. The agreement will extend under its partnership with L'OCCITANE to accelerate the transition to 100% sustainable PET plastic in all its bottles. This will help the companies meet their goal for 2025 ahead of schedule and representing a significant shift in their efforts to achieve a circular economy, which is responsible for giving polluting materials a second life.
Giovanni Catino, Senior Director of Sales and Business Development for Loop Industries, said that the consumer brands are thriving with an urgent need to adopt sustainability measures, which can help them embrace technology to achieve their goals. As the company is largely involved with innovation in sustainable PET plastic manufacturing they have the responsibility to remain agile and supportive towards clients' objectives. He further said that they are very happy that their expanded relationship is enabling them to provide L'OCCITANE with additional material. As with this they can start supplying them earlier and help meet their goal.
Loop Industries and L'OCCITANE announced their signing of a multiyear take or pay supply agreement in February 2019, for 100% sustainable PET plastic resin. The delivery of materials to L'OCCITANE en Provence is expected to begin in 2021 and the resin is to be supplied from Loop's first PET manufacturing facility in European by 2022. After that the agreement has expanded with Loop now supplying L'OCCITANE with 100% of the PET plastic resin.
The sustainable PET resin will be supplied from Loop’s joint venture manufacturing facility Indorama Venture Public Company Limited (IVL) in South Carolina. The unit is a global integrated leader in PET and fibers and a world class chemicals company serving major customers in divers markets.