PureCycle Technologies in definitive agreement with Lâ??Oréal for supply of Ultra-Pure Recycled Polypropylene
PureCycle Technologies is announcing it has reached a definitive agreement with the world's leading beauty company, L’Oréal, to supply its Ultra-Pure Recycled Polypropylene (UPRP). This agreement results in the full subscription of the Ohio plant’s capacity and provides L’Oréal at their option to be among the first purchasers of volume out of PureCycle’s first plant in Europe. This is an important milestone for PureCycle, which is accelerating the build-out and commercialization of its technology in key global markets to keep up with demand. PureCycle’s Ultra-Pure Recycled Polypropylene is produced from a breakthrough technology that utilizes waste polypropylene that is far too often disposed of in landfills to produce virgin-like polypropylene, unlocking a truly circular economy.
PureCycle is in the midst of building its first plant in Lawrence County, Ohio. The facility will recycle 119 mln lbs of polypropylene, producing over 105 mln lbs per year with production slated to start in 2021. Demand for the first plant’s volume has far exceeded supply, leading PureCycle to begin planning for a second plant to keep up with demand. The company is currently evaluating locations within Europe.
“We continue to see an increasing global need for a recycled resin with virgin-like properties. With our first plant in Ohio already being sold out more than two years before the plant will be producing commercial scale volumes, this showcases the intense demand resulting in an accelerated build out of our next plant in Europe.” said Mike Otworth, CEO of PureCycle Technologies. In addition to being a customer, L’Oréal becomes a strategic partner for PureCycle who is bringing consumer market knowledge, technical expertise and a global perspective to help ensure that PureCycle’s Ultra-Pure Recycled Polypropylene meets and exceeds consumer demand for a recycled resin that delivers virgin-like aesthetics and performance.
“For L’Oréal, the agreement represents a strategic next step in our sustainable packaging strategy, designed to accelerate the transition to the circular economy. L’Oréal ambition is that by 2025, 50% of the plastics used in our packaging will either be bio-sourced or of recycled origin, which encompasses all plastic types, polypropylene being a major milestone. We are convinced that it is our responsibility to support the rising of cutting-edge recycling technologies.” declared Philippe Thuvien, Vice-President Packaging and Development of the L’Oréal Group.