Business
Loop Industries Reports First Quarter Fiscal 2024 Results
LOOP AND SK GEO CENTRIC ("SKGC") SIGN JOINT VENTURE AGREEMENT TO BUILD INFINITE LOOP™ MANUFACTURING FACILITIES THROUGHOUT ASIALOOP AND GARNIER LAUNCH MICELLAR
About this update from Loop Industries, Inc.
[{"type":"text","content":"LOOP AND SK GEO CENTRIC (\"SKGC\") SIGN JOINT VENTURE AGREEMENT TO BUILD INFINITE LOOP™ MANUFACTURING FACILITIES THROUGHOUT ASIALOOP AND GARNIER LAUNCH MICELLAR CLEANSING WATER BOTTLE PRODUCED UTILIZING LOOP'S TECHNOLOGYON AG SIGNS LETTER OF INTENT (\"LOI\") TO SECURE VOLUMES FROM PLANNED ULSAN, SOUTH KOREA MANUFACTURING FACILITYLoop Management to hold update call at 9:30 AM ET on July 13, 2023MONTREAL, QC / ACCESSWIRE / July 12, 2023 / Loop Industries, Inc. (Nasdaq:LOOP) (the \"Company\" or \"Loop\"), a clean technology company on a mission to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate (\"PET\") plastic and polyester fiber, today provided an update on its activities and reported its consolidated financial results for the first quarter for fiscal year 2024.Significant Milestones1. Global Commercialization Update - AsiaOn April 27th, 2023, Loop and its strategic partner, SKGC, signed a joint venture agreement to build Infinite Loop™ facilities in the Asian market. The two partners aim to build four commercial manufacturing facilities throughout Asia by 2030. Construction of the first planned Asian manufacturing facility, situated in Ulsan, South Korea, is expected to commence in 2023 and reach completion by the end of 2025.2. Loop x Garnier Micellar Cleansing Water Bottle LaunchOn April 19th, 2023, Loop and Garnier, a beauty brand owned by L'Oréal, announced the launch of Garnier's Micellar Cleansing Water in a 100% upcycled bottle produced with Loop™ PET resin. The product was launched and sold in the US at Ulta stores and online in April 2023.3. Customer Letter of IntentLoop announced on May 15th, 2023, that On AG, a sportswear brand and a subsidiary of On Holding AG, signed an LOI to secure volumes of 100% recycled virgin quality Loop™ PET resin from the planned Asian Infinite Loop™ manufacturing facility in Ulsan, South Korea.4. Cost reductionsFollowing the cost reduction measures that Loop announced on December 22nd, 2022, the Company has made significant progress in streamlining operations at its Terrebonne, Quebec, production facility. Excluding a milestone stock-based compensation expense recorded in the quarter ended May 31, 2022 in the amount of $7.74 million, Loop has reduced net overall costs by approximately 30% and has enabled greater alignment of resources at th...