BANGKOK, Thailand, and MONTREAL, Sept. 24, 2018 (GLOBE NEWSWIRE) --
- Indorama Ventures’ world-class manufacturing and Loop’s state-of-the-art recycling technology combined to invest
in multi-billion dollar sustainable PET resin and polyester market opportunity
- Demand for supply of sustainable PET sees explosive growth from beverage and consumer packaged goods companies
adopting significant circular and sustainable packaging targets
- Indorama Ventures/Loop Industries partnership plan to begin production in Q1 2020
{DATELINECITY_DATE_GLOBENEWSWIRE_BUG}}Indorama Ventures Public Company Limited (Bloomberg ticker IVL.TB), one of
the world’s leading petrochemical companies, and Loop Industries, Inc. (Nasdaq: LOOP), a leading technology innovator in
sustainable plastic resin and polyester today announced a joint venture to manufacture and commercialize sustainable polyester
resin to meet the growing global demand from beverage and consumer packaged goods companies.
This partnership brings together Indorama Venture’s world-class manufacturing footprint and Loop’s proprietary
science and technology to become a reliable world leader in the ‘circular’ economy for 100% sustainable and recycled PET resin and
polyester fiber.
The Indorama Ventures/Loop Industries partnership launches a commercial solution for consumer packaged goods
companies in response to the rapid growth in global plastic consumption for which there is a great need to responsibly collect and
reuse these materials. Through this joint venture, Indorama Ventures and Loop Industries 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.
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. The production from the
facility will be fully subscribed by leading global consumer brands.
Commenting on this new venture, Group CEO of Indorama Ventures, Aloke Lohia, 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.”
“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,”
said Daniel Solomita, Founder and CEO of Loop Industries. “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.”
About Indorama
Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s
leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia, Europe and the Americas. The company’s
portfolio comprises Necessities and High Value-Added (HVA) categories of Polymers, Fibers and Packaging, selectively integrated
with self-manufactured Ethylene Oxide/Glycols and PTA where economical. Indorama Ventures products serve major FMCG and Automotive
sectors, i.e. Beverages, Hygiene, Personal Care, Tire and Safety segments. Indorama Ventures has approx. 16,000 employees worldwide
and consolidated revenue of US$ 8.4 billion in 2017. The Company is listed in the Dow Jones Sustainability Index (DJSI).
Indorama Ventures is headquartered in Bangkok, Thailand with operating sites in:
- EMEA - The Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland, Czech Republic, Luxembourg, Spain,
Turkey, Nigeria, Ghana, Portugal
- The Americas - USA, Mexico, Canada, Brazil
- Asia - Thailand, Indonesia, China, India, the Philippines, Myanmar
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 transform 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. For more information, please visit www.loopindustries.com. Follow us on Twitter: @loopindustries and Instagram:
loopindustries
For More Information:
Richard Jones
Indorama Ventures Public Company Limited
Tel: +662.661.6661 ext. 680
richard.j@indorama.net
Nelson Switzer
Loop Industries
+1 (450) 951-8555 ext. 230
nswitzer@loopindustries.com
Forward-Looking Statements
This news release contains "forward-looking statements." Such statements may be preceded by the words "intends,"
"may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or
similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are
subject to various known and unknown risks and uncertainties, many of which are beyond Loop's control, and cannot be predicted or
quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) commercialization
of our technology, (ii) development and protection of our intellectual property, (iii) unexpected industry competition, (iv) the
need to raise capital to meet business requirements, (v) our manufacturing facility, and (vi) and our ability to sell our products
in order to generate revenues. More detailed information about Loop and the risk factors that may affect the realization of
forward looking statements is set forth in our filings with the Securities and Exchange Commission (SEC). Investors and
security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. Loop assumes no obligation to publicly update or revise its forward-looking
statements as a result of new information, future events or otherwise.
