Loop Industries, Inc. Announces Impairment of Property, Plant and Equipment for the Three Months Ended November 30, 2020
January 14, 2021 at 05:24 pm EST
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Loop Industries, Inc. announced impairment of property, plant and equipment for the Three Months Ended November 30, 2020. The company reported Write-down and impairment of property, plant and equipment of $5,034,606.
Loop Industries, Inc. is a Canada-based clean technology company. The Company owns patented and proprietary technology that depolymerizes noand low-value waste polyethylene terephthalate (PET) plastic and polyester fiber, including plastic bottles and packaging, carpets and textiles of any color, transparency or condition and ocean plastics that have been degraded by the sun and salt, to its base building blocks (monomers). The monomers are filtered, purified and polymerized to create virgin-quality Loop branded PET resin suitable for use in food-grade packaging and polyester fiber, thus enabling its customers to meet their sustainability objectives. Its Infinite Loop provides an end-to-end industrial solution to supply the global demand for Loop PET resin made from recycled content. Loop PET plastic and polyester fiber can be recycled infinitely. The Company reduces plastic waste and recovering waste plastic.
LOOP INDUSTRIES, INC. 
