Revlon and Origin have signed a memorandum of
understanding to reserve commercial volumes of Origin PET to
support Revlon’s Responsible Sourcing sustainability pillar
Origin Materials, Inc. (“Origin” or “Origin Materials”) (NASDAQ:
ORGN, ORGNW), the world’s leading carbon negative materials company
with a mission to enable the world’s transition to sustainable
materials, and Revlon, Inc. (“Revlon”) (NYSE: REV), a leading
global authority and beauty trendsetter in the world of color
cosmetics and hair care, today announced a joint initiative to
develop advanced carbon negative materials for next generation
cosmetics packaging. As part of the initiative, Revlon has signed a
memorandum of understanding to reserve commercial volumes of Origin
PET.
The joint initiative’s goal is to pursue the rapid development
and commercialization of new sustainable materials for cosmetics
packaging based on Origin’s patented technology platform. The
materials developed will support Revlon’s broader sustainability
efforts, which include Revlon’s goal of driving responsible and
ethical sourcing practices to better address the risks and
challenges of a complex global supply chain.
“We are excited to partner in this initiative with Revlon, an
iconic global brand with a deep commitment to the highest standards
for performance,” said Rich Riley, Co-CEO of Origin Materials.
“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.”
“Revlon’s initiative with Origin Materials will allow consumers
at all price points to access sustainable, plant-based packaging,”
said Keyla Lazardi, Chief Scientific Officer, Revlon. “As a company
that is focused on driving sustainability in the beauty industry,
Revlon is thrilled to advance the use of Origin’s carbon-negative
bio-PET in the mass beauty space.”
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the
world's leading carbon negative materials company. Origin’s mission
is to enable the world’s transition to sustainable materials. For
over a decade, Origin has developed a platform for turning the
carbon found in inexpensive, plentiful, non-food biomass such as
sustainable wood residues into useful materials while capturing
carbon in the process. Origin’s patented technology platform can
help revolutionize the production of a wide range of end products,
including clothing, textiles, plastics, packaging, car parts,
tires, carpeting, toys, and more with a ~$1 trillion addressable
market. In addition, Origin’s technology platform is expected to
provide stable pricing largely decoupled from the petroleum supply
chain, which is exposed to more volatility than supply chains based
on sustainable wood residues. Origin’s patented drop-in core
technology, economics and carbon impact are supported by a growing
list of major global customers and investors.
For more information, visit www.originmaterials.com.
About Revlon
Revlon has developed a long-standing reputation as a color
authority and beauty trendsetter in the world of color cosmetics
and hair care. Since its breakthrough launch of the first opaque
nail enamel in 1932, Revlon has provided consumers with high
quality product innovation, performance and sophisticated glamour.
In 2016, Revlon acquired the iconic Elizabeth Arden company and its
portfolio of brands, including its leading designer, heritage and
celebrity fragrances. Today, Revlon’s diversified portfolio of
brands is sold in approximately 150 countries around the world in
most retail distribution channels, including prestige, salon, mass,
and online. Revlon is among the leading global beauty companies,
with some of the world’s most iconic and desired brands and product
offerings in color cosmetics, skin care, hair color, hair care and
fragrances under brands such as Revlon, Revlon Professional,
Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of
Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears,
Curve, John Varvatos, Christina Aguilera and AllSaints.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Origin
Materials’ and Revlon’s respective business strategies, estimated
total addressable market and ability to realize the anticipated
benefits of the initiative. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of the management of Origin Materials
and Revlon and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Origin Materials and Revlon. These forward-looking
statements are subject to a number of risks and uncertainties,
including that Origin Materials may be unable to successfully
commercialize its products; the effects of competition on Origin
Materials’ and Revlon’s respective businesses; disruptions and
other impacts to Origin Materials’ and Revlon’s respective
businesses as a result of the COVID-19 pandemic and other global
health or economic crises; the impact of Revlon’s pending Chapter
11 bankruptcy proceedings and those factors discussed in Origin
Materials’ Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission (the “SEC”) on May 9, 2022 under the
heading “Risk Factors,” and those factors discussed in Revlon’s
Quarterly Report on Form 10-Q filed with the SEC on May 4, 2022
under the heading “Risk Factors” and other documents Origin
Materials and Revlon have filed, or will file, with the SEC. If any
of these risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Origin Materials and Revlon presently do not know, or that Origin
Materials and Revlon currently believe are immaterial, that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Origin Materials’ and Revlon’s respective expectations,
plans, or forecasts of future events and views as of the date of
this press release. Origin Materials and Revlon anticipate that
subsequent events and developments will cause their respective
assessments to change. However, while Origin Materials and Revlon
may elect to update these forward-looking statements at some point
in the future, Origin Materials and Revlon specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing Origin Materials’ and Revlon’s
respective assessments of any date subsequent to the date of this
press release. Accordingly, undue reliance should not be placed
upon the forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220720005203/en/
Origin Materials Investors: ir@originmaterials.com Media:
media@originmaterials.com Revlon Media:
Revlon@Longacresquare.com
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