We are in the business of originating, funding, and commercializing breakthrough technology solutions—targeting 1B+ potential market value.
AptarGroup, Inc. (NYSE: ATR), a global leader in dispensing, drug delivery and active packaging solutions, announced today that it has partnered with PureCycle Technologies, to prepare for the introduction of PureCycle’s Ultra-Pure Recycled Polypropylene (UPRP) into dispensing applications.
PureCycle’s ground-breaking, patented recycling process, developed and licensed by Procter & Gamble, separates color, odor and any other contaminants from plastic waste feedstock to transform it into UPRP resin with virgin-like properties. This process fully closes the loop in the reuse of recycled plastics while making recycled plastics more accessible at scale to companies desiring to use a sustainable, recycled resin.
Over the next three years, Aptar, an expert in transforming resin into products that delight consumers, will collaborate with and provide critical feedback to PureCycle regarding the transformation process of its UPRP. In addition to providing detailed feedback into how the resin performs during the transformation process, Aptar will play an integral role in helping PureCycle prepare for the food grade requirements in Europe.
“We are pleased to partner with PureCycle Technologies to introduce UPRP into our ever-growing portfolio of dispensing systems. Customers are seeking robust solutions when it comes to sustainable packaging, especially in the food and cosmetics markets, and we believe there are many applications for UPRP that will satisfy those unmet needs,” stated Stephan Tanda, President and CEO of Aptar. “This critical partnership further reinforces our commitment to supporting a circular economy where products and materials are reused or recycled and do not become waste.”
Aptar will have access to the UPRP resin and will make recommendations and propose solutions to help its customers achieve their sustainable packaging goals. This partnership further integrates PureCycle across the value chain to identify more opportunities for a circular product life cycle.
“Aptar’s broad technical expertise, deep market knowledge, and operational preeminence in both the US and European markets will help PureCycle further accelerate our expansion into Europe,” said Mike Otworth, CEO of PureCycle Technologies. “This is not only a technical validation of our process, but a commercial validation of our model that plastic waste is valuable and we as a society must act now to make plastics recycling a reality.”
With the Feedstock Evaluation Unit operational, PureCycle is rapidly progressing towards its bond offering with Piper Jaffray to build its first plant in Lawrence County, Ohio. The facility is expected to recycle 119 million pounds of polypropylene, and is expected to produce approximately 100 million pounds of UPRP per year starting in 2021.
The global polypropylene market is valued at more than $80 billion, according to Transparency Market research, and is on track to reach $133.3 billion by 2023. The Association of Plastics Recyclers (APR) has identified 1 billion pounds of recycled polypropylene demand in North America alone. The majority of that demand is for ‘high-quality’ recycled polypropylene, APR has said.
Aptar is committed to reducing its impact on the planet while creating top quality, sustainable products and is working in partnership with several sustainability organizations to serve as a business thought leader and advocate for sustainable products and processes within the packaging industry. Today, Aptar has all-plastic solutions that are recyclable and has developed a line of closures, available in North America and Europe, made with post-consumer recycled resin. The company continues to explore additional opportunities for sustainable resins. Aptar is well positioned to help its customers achieve their own objectives, many of which are to achieve packaging that is 100% recyclable or reusable by 2025. For more information on Aptar’s sustainability efforts, please view the Corporate Sustainability Report on their website under Sustainability, or by clicking here.
Aptar is a global leader in innovative dispensing, drug delivery and active packaging solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food and beverage markets. Aptar uses insights, design, engineering and science to create innovative packaging technologies that build brand value for its customers, and, in turn, make a meaningful difference in the lives, looks, health and homes of people around the world. Aptar is headquartered in Crystal Lake, Illinois and has over 14,000 dedicated employees in 18 different countries. For more information, visit www.aptar.com.
PureCycle Technologies offers the only recycled polypropylene with properties equal to virgin polymer. Our proprietary process, invented by Procter & Gamble, removes color, odor, and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. PureCycle Technologies licenses technology from Procter & Gamble. To learn more, visit www.purecycletech.com.
Innventure founds, funds, and operates companies with a focus on breakthrough technology solutions acquired or licensed from Multinational Corporations (‘‘MNCs’’).
6900 Tavistock Lakes Blvd, Suite 400
Orlando, FL 32827