GENEVA and MONTRÉAL, February 4, 2019 /PRNewswire/ --
The L'OCCITANE Group has selected Loop Industries as a key supplier of100% recycledsustainablePET plastic.
This represents an important milestone in their shared commitment toreduceglobal plastic pollution and support the transition to a circular plastic economy.
By incorporating Loop™ branded PET into its packaging,L'OCCITANE en Provence will achieve its goal ofusing 100% recycled plastic initsbottles by 2025 and Loop Industries will see its logo applied to all L'OCCITANE en Provence products containing Loop™ PET plastic.
The L'OCCITANE Group, a global manufacturer and retailer of natural cosmetics and well-being products with five leading brands, and Loop Industries, Inc. (Nasdaq: LOOP), a leading technology innovator in sustainable plastic, announced today the signing of a multi-year take or pay supply agreement for Loop™ branded 100% sustainable PET plastic. The agreement will see L'OCCITANE en Provence start to incorporate Loop™ PET plastic into its product packaging as of 2022 and place the Loop logo on all packaging containing Loop™ PET plastic.
As the demand for sustainable packaging solutions continues to grow, Loop Industries has emerged with transformational upcycling technology that allows plastic bottles and packaging, carpet and polyester textile of any colour, transparency or condition and even ocean plastics that have been degraded by the sun and salt, to provide brand owners a sustainable plastic product that helps solve the plastic pollution problem and meets FDA requirements for use in food-grade packaging. So, when the Loop logo appears on a package, it is a confirmation for consumers that the plastic is sustainable.
"Helping companies leverage their packaging as a symbol of their commitment to sustainability rather than a symbol of waste is one of our primary missions. We are so pleased to work with the L'OCCITANE Group, a leading premium retail brand, to do just that," said Daniel Solomita, Founder & CEO of Loop Industries. "We are convinced that companies that make this transition, use sustainable packaging and encourage recycling, will help restore our environment and create greater economic value."
For Adrien Geiger, Global Brand Director at L'OCCITANE en Provence: "Our brand is inspired by nature, people and culture and we have been using natural plant-derived ingredients and eco-friendly manufacturing for more than 40 years. We are therefore very conscious of the importance of eco-design and sustainable packaging. We have been launching eco-refill products, in-store recycling and bottles made out of 100% recycled plastic for more than 10 years and are continuing to progress on this. The innovative technology that Loop provides is a game-changer that can help us fundamentally contribute to solving the growing global concern about plastic pollution. We are excited to sign with Loop, representing a significant shift in our approach to plastic."
Both Loop and L'OCCITANE know how important it is to keep plastic in the economy and out of our shared environment. This agreement supercharges L'OCCITANE's ability to close the loop on its plastic bottles. L'OCCITANE also provides in-store recycling facilities to encourage its customers to participate, with recycling facilities now available at 30% of its owned stores and 100% targeted by 2025.
Click here to download the press release about L'OCCITANE's commitment to reducing global plastic pollution.
About Loop Industries
Loop Industries, Inc. ("Loop" or "the Company") is a technology company whose mission is to accelerate the world's shift toward sustainable plastic and away from our dependence on fossil fuels. Loop's patented and proprietary technology decouples plastic from fossil fuels by depolymerizing waste polyester plastic and fiber to its base building blocks (monomers). The monomers are then filtered, purified and repolymerized to create virgin-quality polyester plastic suitable for use in in food-grade packaging. Common shares of the Company are listed on the Nasdaq Global Market under the symbol "LOOP."
The L'OCCITANE Group is an international group that manufactures and retails beauty and well-being products that are rich in natural and organic ingredients. A global leader in the premium beauty market, the group has more than 3,000 retail outlets, including 1,555 owned stores, and is present in 90 countries. Through its five brands - L'OCCITANE en Provence, Melvita, Erborian, L'OCCITANE au Brésil and LimeLife by Alcone - the group offers new and extraordinary beauty experiences, using high quality products that respect nature, the environment and the people who surround it. For more information, please visit https://group.loccitane.com/
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 and products, (ii) our status of relationship with partners, (iii) development and protection of our intellectual property and products, (iv) industry competition, (v) our need for and ability to obtain additional funding, (vi) building our manufacturing facility, (vii) and our ability to sell our products in order to generate revenues, (viii) our proposed business model and our ability to execute thereon, (ix) adverse effects on the Company's business and operations as a result of increased regulatory, media or financial reporting issues and practices, rumors or otherwise, and (x) other factors discussed in our subsequent filings with the SEC. 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.
Mr. Nelson Switzer Chief Growth Officer, Loop Industries Loop Industries, Inc. [email protected]
Miss Heidi Farr Head of Global Corporate Communications, L'OCCITANE Group [email protected]