PR88037

MUMBAI, India, Feb. 10, 2021 /PRNewswire=KYODO JBN/ --

The partnership builds on Dow's momentum in driving adoption of PCR solutions

in Asia Pacific

Dow (NYSE: DOW) and Lucro Plastecycle(https://www.lucro.in/), a homegrown

Indian recycling company, have signed a memorandum of understanding (MoU) to

develop and launch polyethylene (PE) film solutions using post-consumer

recycled (PCR) plastics in India. This agreement introduces a close-the-loop

packaging solution to help enable a circular economy in India and expands Dow's

plastics circularity portfolio in the Asia Pacific region.

Logo - https://photos.prnasia.com/prnh/20200526/2813064-1LOGO

This collaboration is aligned with Dow's new sustainability target(

https://corporate.dow.com/en-us/science-and-sustainability/commits-to-reduce-emissions-and-waste.html)

of stopping the waste by collecting 1 MMT of plastics to be collected, reused

or recycled by 2030. Under the MoU, Dow will provide its material science and

application development expertise to Lucro, a specialist in recycling flexible

plastic film waste, who will develop and manufacture the film structures. These

film structures are made by processing plastic waste collected through various

recycled streams in combination with Dow's virgin resins. This approach could

also reduce carbon emissions when compared to virgin PE resins and as a result

could contribute to helping converters and brands to meet their sustainability

goals. The first application of the product is in collation shrink films, a

form of secondary packaging commonly used for bottles, cans, and liquid

cartons, and is expected to be available in the India market later this year.

"We are delighted to work with sustainability-focused partners like Lucro, who

is at the forefront of plastic recycling in India. Scrap packaging is one of

the country's highest contributors of plastic waste and we look forward to this

collaboration helping to promote the adoption of sustainable solutions amongst

brand owners and manufacturers, and contribute to a reduction in plastics

entering the environment as waste," said Bambang Candra, Asia Pacific

commercial vice president, Dow Packaging & Specialty Plastics. "Finding value

in flexible waste is key for the circular economy to set new standards for the

flexible packaging industry and create a viable circular system for flexible

plastics."

Lucro's trademark Plast-E-Cycle(TM) process, which converts plastic waste into

granules for recyclable and compostable products, helps to solve a fundamental

challenge in India – the complexity of recycling flexible plastic waste. This

specialty made the company the first in India to be backed by Circulate

Capital's(https://www.circulatecapital.com/) Ocean Fund (CCOF), a

Singapore-based investment fund dedicated to preventing plastic waste entering

the ocean and advancing the circular economy in South and Southeast Asia. With

Circulate Capital's support, Lucro will further grow and scale its business and

step up post-consumer plastic sourcing with new collection centres.

"Circulate Capital invests in and supports pioneering companies across the

waste management and recycling industry. Lucro's work is integral to closing

the loop on difficult to recycle plastic waste in India, giving a second life

to post-consumer flexible plastic waste. We believe the Dow-Lucro partnership

is a great example of how, with catalytic financing, the plastic eco-system can

connect and collaborate on market solutions for the benefit of the

environment," said Rob Kaplan, founder and CEO, Circulate Capital.

"Lucro was founded on the belief that there is value to be found in mismanaged

plastic waste through recycling. With intent, effort and collaboration across

the entire value chain, we can define and build a new plastic value chain that

ensures the material is reused and does not end up in the environment," said

Ujwal Desai, co-founder and managing director of Lucro. "Our partnership with

Dow provides us additional expertise to develop high quality, innovative and

recycled-content flexible film for businesses."

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. Following the initial application in collation shrink films, the partners

will explore additional applications including shipping sacks, e-commerce bags

and non-food packaging.

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(https://twitter.com/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 Circulate Capital

Circulate Capital is an investment management firm dedicated to incubating and

financing companies that prevent ocean plastic. We focus on the prevention of

mismanaged plastic waste in countries located in South Asia and Southeast Asia,

regions that contribute disproportionately to ocean plastic pollution primarily

because they often lack investment in critical waste and recycling

infrastructure to manage the problem. We were created in collaboration with

Ocean Conservancy, and our founding investors include PepsiCo, Procter &

Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company and Chevron

Phillips Chemical Company LLC.

Circulate Capital invests in and supports start-ups, organizations and SMEs

across the entire plastic value chain, from innovations in material to advanced

recycling technologies. It seeks to mobilize catalytic capital into the waste

management and recycling industry to prove that investing in this sector is

scalable in South and Southeast Asia and can generate competitive returns,

while moving to solve the ocean plastic crisis.

SOURCE:  Dow Packaging and Specialty Plastics