MUMBAI, India, April 19, 2021 /PRNewswire/ -- Dow (NYSE: DOW) and Lucro Plastecycle, a homegrown Indian recycling company, welcome Marico Limited, one of India's leading consumer goods companies into a tripartite partnership to introduce Dow's PCR-based coalition shrink films into its line of consumer products. This alliance enables Dow to work towards meeting its new sustainability target of stopping waste by collecting 1 MMT of plastics to be collected, reused or recycled by 2030.
Earlier this year, Dow and Lucro signed a memorandum of understanding (MoU) to develop and launch polyethylene (PE) film solutions. Under the MoU, Dow will utilize its industry leading team of packaging experts, material scientists, recycling equipment, blown film manufacturing and testing capabilities at Pack Studios Shanghai and Mumbai to help Lucro develop recycled film for various applications.
With the addition of Marico Limited, this tripartite partnership forms part of Dow's comprehensive strategy to enable a circular economy for plastics by focusing on integrating recycled content into product offerings ensuring that product's values are maximized and extended across its lifecycle from creation to use to disposal.
"We are pleased to welcome Marico, a leading consumer goods company in the health, beauty and wellness space, join us in partnership and leading the way in India by offering circular packaging options through Dow's innovative resins and Lucro's expertise as a high quality, innovative and recycled-content flexible film manufacturer," said Bambang Candra, Asia Pacific commercial vice president of Dow Packaging and Specialty Plastics. "This partnership places all the valuable stakeholders along the road to sustainability with the aim to meet market demands for brands seeking to use more recycled content in their packaging."
Dow's virgin resins in combination with Lucro's PCR is aligned with Dow's strategy of designing products for circularity and implementing recycling solutions to provide new life for used plastics.
"Sustainability is a long-term commitment and a way of life at Marico. We are constantly working towards making a difference by adopting every possible measure that will propel us further along the road to secure a sustainable future. Furthering our ongoing programs towards integrating circularity principles in product packaging, this partnership with Dow is significant as it enables us to use post-consumer recycled resin that helps reduce our carbon footprint," said Jitendra Mahajan, chief operating officer – Supply Chain & IT, Marico Limited.
"We have always been passionate advocates for recycling post-consumer waste and believe that there is a lot of value that can be derived from it," said Ujwal Desai, co-founder and managing director of Lucro. "Collectively between Dow, Lucro, and Marico Limited, we are looking forward to supporting brands owners in meeting their sustainability goals through the development of PCR-based sustainable packaging solutions."
About Dow Packaging and Specialty Plastics
Packaging and Specialty Plastics (P&SP), a business unit of Dow (NYSE: DOW), combines core strengths of R&D, worldwide reach, broad product lines and industry expertise to deliver high performing technologies for end use markets in food packaging, personal hygiene, infrastructure, consumer goods and transportation. P&SP is one of the world's largest producers of polyethylene resins, functional polymers, and adhesives, and enabled by Pack Studios, is a leading innovator and collaborator across the value chain on sustainable application development and circular economy life-cycle design for plastics. www.dowpackaging.com
About Dow
Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company, with a purpose to deliver a sustainable future for the world through our materials science expertise and collaboration with our partners. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer care. Dow operates 106 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $39 billion in 2020. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.
About Lucro
Lucro Plastecycle Private Limited (Lucro) is a homegrown Indian recycling company that harnesses the possibilities of plastic to produce high quality and innovative recycled-content products. Established in 2012, the company is an expert in recycling locally-sourced flexible plastic waste to manufacture flexible packaging products, such as shrink wrap and films, and supplies recycled plastic granules to manufacturers for their own production. By developing a unique integrated process that covers the collection, sorting and upcycling of used flexible plastic,
Lucro is committed to closing the loop in plastic usage by transforming it from a linear to a circular economy and stopping it from reaching landfill. Today, the company is the largest supplier of recycled packaging and protective covers to leading national and international manufacturers in India across a range of industries such as automotive, home and retail, to help them achieve their sustainability goals. For more information, please visit www.lucro.in.
About Marico
Marico (BSE: 531642, NSE: "MARICO") is one of India's leading consumer products companies, in the global beauty and wellness space. During 2019-20, Marico recorded a turnover of about INR 73.1 billion (USD 1.03 billion) through its products sold in India and chosen markets in Asia and Africa.
Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Saffola ImmuniVeda, Saffola Arogyam, Saffola Mealmaker, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Kaya Youth O2, Coco Soul, Revive, Set Wet, Livon, Veggie Clean, KeepSafe, Travel Protect, House Protect, Beardo. The international consumer products portfolio contributes to about 23% of the Group's revenue, with brands like Parachute, Parachute Advansed, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Mediker SafeLife, Thuan Phat and Isoplus.
