Zero-carbon plastic maker Origin Materials Inc. has signed Revlon Inc. as another high-profile cosmetics company that wants to reserve commercial volumes of Origin's product for its packaging.
New York-based Revlon (NYSE: REV) owns brands that include Revlon, Elizabeth Arden, Almay, Mitchum, Cutex and Juicy Couture.
“Revlon’s initiative with Origin Materials will allow consumers at all price points to access sustainable, plant-based packaging,” said Keyla Lazardi, Revlon chief scientific officer, in a news release.
In April, Paris-based international luxury brand company LVMH Moët Hennessy Louis Vuitton signed a deal with Origin (Nasdaq: ORGN) to reserve delivery of its zero-carbon PET plastic for packaging its perfumes and cosmetics. LVMH Beauty owns brands such as Parfums Christian Dior, Parfums Givenchy and Guerlain.
West Sacramento-based Origin uses patented techniques to make renewable extracts that replace petroleum to make plastic. The company’s first manufacturing plant is expected to be completed in Canada at the end of this year and begin operating early next year. A second plant is to be completed mid-2025, with a third operating in 2027.
In May, during a conference call with investors and analysts, Origin co-CEO Rich Riley said the company had booked future sales of $7.4 billion over the next five and 10 years. The company went public in June last year.
Origin's product is a drop-in replacement for petroleum in the manufacture of PET plastic, which is the most recycled plastic on the planet. The company’s products are being sought by manufacturers of everything from carpet and textiles to packaging and toys.
“We are excited to partner in this initiative with Revlon, an iconic global brand with a deep commitment to the highest standards for performance,” Riley said in a news release. “Together we will work to develop and bring to market carbon negative materials for next generation packaging to advance our goal of reducing the climate impact of the cosmetics industry.”
