Indorama Ventures and Canadian sustainable plastic resin and polyester technology firm Loop Industries have formed a joint venture to manufacture and commercialise sustainable polyester resin, the Thailand-headquartered petrochemicals major announced.
The 50:50 joint venture will use Loop's technology to produce 100% sustainably-produced polyester fibre and PET resin, with plans to begin commercial production in the first quarter of 2020. As a result, the two companies will be able to "perpetually recycle" polyester fibre and PET plastic, it 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," said Indorama CEO Aloke Lohia.
"This joint venture with Loop Industries emphasises 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."
Loop CEO Daniel Solomita said the joint venture marks the company's first step on its mission to "accelerate the world's shift toward sustainable plastic and away from the traditional, take, make and dispose economy".