The business is described by Terracycle’s founder and CEO as a ‘modern version of the milkman’
Swiss fragrance and flavour giant Firmenich has invested in Terracycle’s green packaging firm Loop.
Loop’s technology, which has been adopted by beauty conglomerates Unilever and P&G, allows brands to redesign their packaging to be sustainable and reusable.
Speaking to Cosmetics Business Terracycle’s founder and CEO, Tom Szaky, described the concept as a “modern version of the milkman”.
“It’s a whole ecosystem where you return all the items instead of having to worry about giving your milk bottle back to the milkman and your soda bottle to a different system.”
The venture, in partnership with investment firm Quadia, is said to be part of the company’s commitment to a more circular economy.
“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’s CEO Gilbert Ghostine.
“Our participation in Loop’s pioneering model to remove waste marks a new milestone in our journey to foster sustainable production and our active support for the circular and regenerative economy.”
Loop will use the cash injection to expand its global operations in the UK, Japan, Germany and Canada in 2020, and Australia in 2021.
Firmenich’s Chief Sustainability Officer Bérangère Magarinos-Ruchat added: “Single-use waste is a growing environmental issue that no company can ignore.
“We are delighted to contribute to Loop’s growth and the acceleration of sustainable lifestyles.”
Read the full interview with Szaky via the link below: