Welcome to our dedicated page for Loop Industries news (Ticker: LOOP), a resource for investors and traders seeking the latest updates and insights on Loop Industries stock.
Loop Industries, Inc. (Nasdaq: LOOP) is a clean technology company focused on converting waste PET plastic and polyester textile waste into virgin-quality PET resin through its patented depolymerization process. The Loop Industries news feed on Stock Titan aggregates company-issued press releases and other coverage so readers can follow how the business is advancing its technology, partnerships and commercialization plans.
Recent news highlights Loop’s progress on its Infinite Loop™ India project, a joint venture with Ester Industries. Updates include the agreement to acquire a 93-acre site in Gujarat, India for an Infinite Loop™ manufacturing facility, the award of a detailed engineering contract to Toyo Engineering India Private Limited, and the execution of engineering services agreements under which Loop provides engineering support to the India joint venture. News items also cover multi-year offtake agreements for Twist™ polyester with Nike, Inc. and a leading global sports apparel company, as well as an offtake agreement with Taro Plast S.p.A. for Loop™ DMT from the planned India facility.
Coverage further includes strategic alliances with Hyosung TNC and Shinkong Synthetic Fibers Corporation to expand access to textile-to-textile circular polyester, the launch of Twist™ as a branded circular polyester resin made entirely from textile waste, and periodic financial results where Loop reports revenues from Loop™ PET resin and engineering services. Corporate updates such as the appointment of a new Chief Financial Officer and details of annual stockholder meetings are also reflected.
Investors and observers can use this news page to review Loop’s disclosed milestones in project development, customer agreements, joint ventures, financing arrangements and operational performance, all in one place.
Garnier, a leading beauty brand, is launching its first Micellar Cleansing Water bottle made from previously unrecyclable PET plastic waste in collaboration with Loop Industries (Nasdaq: LOOP). This innovative bottle, made from 100% recycled PET plastic using Loop's advanced depolymerization technology, aims to accelerate the circular economy by transforming low-value plastics into high-quality materials. The product will debut in April 2023 in the US and France. This initiative aligns with Garnier's sustainability goals to reduce plastic waste and promote circularity in packaging. Both companies are committed to environmental responsibility, and the Loop logo on the packaging emphasizes the bottle's recyclability.
Loop Industries (NASDAQ:LOOP) announced the appointment of Fady Mansour as Chief Financial Officer, effective April 17, 2023. Mansour brings over 25 years of financial and operational leadership experience, most recently as Senior Director at Caisse de dépôt et placement du Québec. His expertise in corporate strategy and financial planning is expected to enhance Loop's financial strategy and support its growth objectives. The company also expressed gratitude to Nicolas Lafond for his role as Interim CFO, ensuring continuity during the transition.
Loop Industries announced the successful completion of technical due diligence by SK Geo Centric (SKGC) for its Infinite Loop technology, marking a significant step in their partnership to commercialize sustainable PET plastic production across Asia. The validation confirms the efficiency of Loop's technology, ensuring virgin-quality PET resin from low-value waste. With plans to construct the first facility in Ulsan, South Korea, by late 2023, both companies aim to leverage Asia's market potential and drive circularity in PET usage. A definitive joint venture agreement is in the works to further this initiative.
Loop Industries (NASDAQ:LOOP) announced participation in the 35th Annual Roth Conference, scheduled for March 12-14, 2023, at The Ritz Carlton, Laguna Niguel. Key presenters include Daniel Solomita, Founder and CEO, and Kevin O'Dowd, VP of Communications and Investor Relations. Loop Industries is committed to fostering a circular plastics economy by producing 100% recycled polyethylene terephthalate (PET) plastic and polyester fiber. Their patented technology transforms low-value PET waste into virgin-quality resin, aligning with sustainable objectives and reducing plastic waste.
Loop Industries, in collaboration with SUEZ and SK Geo Centric, has selected the Chemesis industrial platform in Saint-Avold, France, for a new manufacturing facility, slated for construction in 2025 and commissioning in 2027. This facility aims to produce 100% recycled and infinitely recyclable virgin-quality PET resin with a capacity of 70,000 metric tons annually. The project represents a €450 million investment, creating 200 jobs and projected to save over 255,000 tonnes of CO2 emissions per year compared to conventional virgin PET. This initiative is part of Loop's global strategy to support sustainability for European brands amidst increasing demand for recycled content.
Loop Industries (NASDAQ: LOOP) announced its participation in the Bank of America Securities 2023 Global Agriculture and Materials Conference on March 1-2, 2023. Daniel Solomita, Founder and CEO, along with Kevin O'Dowd, Vice President of Communications and Investor Relations, will speak and hold one-on-one meetings with investors and analysts. The group presentation is scheduled for 1:50 PM Eastern Time on March 2. Loop specializes in producing 100% recycled PET plastic, contributing to a circular economy by turning low-value waste into high-quality materials for sustainable packaging.
Loop Industries, a clean technology firm listed on NASDAQ under the symbol LOOP, will present at the 30th Annual Emerald Groundhog Day Investment Forum on February 2, 2023. The event, held at The Valley Forge Sheraton, will also feature a hybrid virtual stream. Keynote speakers include economist Dr. Ed Yardeni and CFA James Furey, along with Emerald analysts discussing investment trends. Loop's mission is to create a circular plastics economy by producing 100% recycled PET plastic and polyester fiber, transforming waste into virgin-quality materials for sustainable packaging.
Loop Industries (NASDAQ: LOOP) provided an update on its operations and reported Q3 fiscal 2023 results. The company plans to sell its Bécancour, Quebec property for CDN $18.5 million (US $13.9 million) to enhance liquidity. Loop is also focusing on its commercialization efforts in partnership with SK Geo Centric, aiming for lower investment and higher returns. Q3 revenues reached $24,924, with a net loss of $1.01 million, a significant decrease from $10.1 million in the same period last year. Research and development expenses fell by $2.25 million, reflecting cost reduction measures.
Loop Industries (NASDAQ: LOOP) has entered into an agreement to sell its remaining property in Bécancour, Quebec for CDN $18.5 million (US $13.9 million), expected to close on February 24, 2023. This sale, combined with significant operational cuts at its Terrebonne facility, provides approximately US $33.1 million in cash at the end of the fiscal year, ensuring nearly three years of liquidity without equity dilution. Loop will focus on joint ventures with SKGC for commercialization in Asia and Europe, which require less investment and offer higher returns.
Loop Industries (Nasdaq:LOOP) announced a transition in its Chief Financial Officer role, effective December 30, 2022. Drew Hickey will depart the Company for other opportunities, while Nicolas Lafond, currently the Director of Finance, will take on the Interim CFO position as Loop assesses its long-term needs. Lafond, a Canadian CPA with the company since 2017, is backed by VP Corporate Development Mike De Notaris. The Company remains focused on its mission to promote sustainable PET solutions and contribute to a circular economy.
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