Firmenich invests in green packaging specialist Loop
Firmenich has announced a joint investment in green packaging pioneer Loop, with the world's largest privately-owned fragrance and flavours specialist having linked with sustainable investment firm Quadia to invest in Loop’s Series A equity round.
The Swiss firm said the investment demonstrates its “commitment to the circular economy and addressing sustainability in a single-use era”.
So what exactly is Loop? It’s a “new, disruptive e-commerce and retail distribution service based on reusable packaging” and is currently supported by some of the world’s largest consumer products makers, with early partners including Procter & Gamble, Unilever and Nestlé.
No details were given about the financial amounts involved, but Firmenich said the funds raised in this equity round “will finance the initial deployment of Loop before expanding global operations in the UK, Japan, Germany and Canada in 2020, and Australia in 2021”.
“As a global environmental leader with a unique legacy in responsible business, we are firmly committed to eliminating non-recycled plastics in our operations and supply chains," said Firmenich CEO Gilbert Ghostine. “[This] marks a new milestone in our journey to foster sustainable production and our active support for the circular and regenerative economy”.
The new investment is part of Firmenich’s wider sustainability goals that should see it having “a net zero carbon future by 2050”. The company currently operates with 100% renewable electricity in North America, Latin America, Europe, Africa and the Middle East, China and India, and is “well on its way to achieving 100% worldwide in 2020”.
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