Coca-Cola recently announced that it has established a purchase agreement with Plastic Recycling Company Loop Insurance to purchase renewable PET materials from the other company.
The Coca-Cola European Partner (CCEP) will source 100% recyclable PET material from Loop Industries to increase the amount of recycled material used in the Coke bottle. CCEP expects to use Loop's recyclable PET materials as early as 2020.
According to Loop Industries, due to the growing demand for sustainable packaging solutions, the company has developed “transformative” technology that can transform, repair, and recycle waste plastics or cheap plastics into new products.
This technology converts colored, transparent or problematic plastic bottles or packaging into FDA-compliant food grade packaging. CCEP will source recyclable PET materials from a joint venture company of Loop and polyester supplier Indorama Ventures in the United States.
In this regard, CCEP Supply Chain Director Ron Lewis said: “This is a major investment project we support the Sustainable Development Action Plan – This is Forward. One aspect of this plan is to ensure that all of our PET bottles are at least 2025 years ago. 50% of the materials are made from recycled PET materials. This is part of our overall strategy to create a recyclable packaging economy."
So far this year, Loop Industries has signed purchase agreements with PepsiCo, Danone's Evian bottled water, and L'Oreal.