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Indorama Ventures and Loop formed a joint venture to manufacture and commercialize sustainable polyester resin. (Source: Indorama Ventures)
Indorama Ventures and Loop formed a joint venture to manufacture and commercialize sustainable polyester resin. (Source: Indorama Ventures)

Indorama Ventures Public Company Limited and Loop Industries, Inc., a Canadian innovation technology start-up, recently announced a joint venture to manufacture and commercialize sustainable polyester resin to meet the growing global demand from beverage and consumer packaged goods companies.

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. It is expected that the production from the facility will be subscribed by global consumer brands.

Through this joint venture, both parties 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.

Commenting on this new venture, Group CEO of Indorama Ventures, Aloke Lohia, said, "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 making great products for society."

Daniel Solomita, Founder and CEO of Loop Industries, also added that it is a first strategic step in its global commercialization plan and mission to accelerate the world's shift toward sustainable plastic and away from the traditional, take, make and dispose economy.

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