Firmenich reveals joint investment in reusable packaging company LOOP
By Akshay Kedari  Date: 2020-01-28

Firmenich reveals joint investment in reusable packaging company LOOP

Firmenich SA, one of the leading perfume and taste companies in the world, has reportedly announced joint participation with Quadia in reusable packaging pioneer LOOP's Series A equity round. Announced at ACI’s (American Cleaning Institute) annual convention, this investment highlights the company’s commitment to circular economy and sustainability in this single-use era.

Backed by some of the leading consumer brands in the world, with early partners including Unilever, Procter & Gamble, and Nestlé, LOOP is a disruptive retail distribution and e-commerce service based on reusable packaging.

By managing the storage, collection, cleaning, and delivery of clean packaging to manufactures, LOOP has become the first of its kind shopping circulation and packaging solution company. According to reports, the funds raised in this round will be used to finance the initial deployment of the company before expanding global operations in Japan, the UK, Germany, and Canada in 2020, and Australia in 2021.

Gilbert Ghostine, CEO of Firmenich, said that as a world environmental leader with an exceptional legacy in doing responsible business, the company is firmly committed to eliminating non-recycled plastics in its supply chains and operations.

Ghostine claims that their contribution to LOOP's pioneering model to eliminate waste marks a new milestone in Firmenich’s journey to facilitate sustainable production and its active support for the regenerative and circular economy.

Dr. Bérangère Magarinos-Ruchat, who is Chief Sustainability Officer of Firmenich, said that single-use waste is a serious environmental issue that no company could ignore. Innovative firms like LOOP and partnerships between multiple stakeholders could help tackle such global challenges.

Adding further, Bérangère said that the company is pleased to contribute to LOOP's growth and the acceleration of sustainable lifestyle.

As per sources, this collaboration with investment firm Quadia is in line with Firmenich’s strong commitment and values to reduce its environmental impact. Presently, Firmenich is one of only two companies across the globe that achieved "triple As" with CDP, in Water, Climate, and Forestry.
 

Source Credit - https://finance.yahoo.com/news/firmenich-announces-joint-investment-green-130000867.html

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Open security group launch a new language to connect security tools
Open security group launch a new language to connect security tools
By Akshay Kedari

The Open Cybersecurity Alliance (OCA), a group of suppliers dedicated to connecting fragmented cybersecurity space with open source practices and codes, has reportedly announced the availability of Open DXL (Data Exchange Layer) Ontology, a new open-...

TÜV Rheinland launches automatic parking system services
TÜV Rheinland launches automatic parking system services
By Akshay Kedari

TÜV Rheinland Hong Kong, a global leader in independent inspection services, has reportedly rolled out an automatic parking system service, covering all facets of the construction, design as well as operation stages. It offers one-stop solutions...

Embracer Group purchases Saber Interactive in a $525 million deal
Embracer Group purchases Saber Interactive in a $525 million deal
By Akshay Kedari

Embracer Group, a renowned video game holding company and owner of THQ Nordic, has reportedly purchased Saber Interactive, a US games developer, in a deal worth $525 million. Embracer Group had agreed to pay $150 million in both cash as well as stoc...

CDK announces launch of new Repair Order API on Fortellis platform
CDK announces launch of new Repair Order API on Fortellis platform
By Akshay Kedari

CDK Global Inc. has recently announced the launch of the CDK Drive Repair Order API (application programming interface) on Fortellis Automotive Commerce Exchange™ platform. In order to enable dealers to securely open and edit service repair or...

US expands lawsuit against Huawei with charges of theft & racketeering
US expands lawsuit against Huawei with charges of theft & racketeering
By Akshay Kedari

The United States Department of Justice has recently expanded its lawsuit against Huawei, a Chinese multinational tech company. The new charges against the company alleged activities carried out by Huawei such as violating partnership terms with U.S....