Updated: Mar 4, 2019
Cincinnati Business Courier
By Barrett J. Brunsman
Procter & Gamble Co. has joined an effort to raise $90 million to combat plastic that pollutes the world’s oceans.
The Cincinnati-based maker of consumer goods such as Head & Shoulders shampoo (NYSE: PG) is one of the investors in a fund created by Circulate Capital, an investment management firm dedicated to incubating and financing companies and infrastructure that prevent ocean plastic.
In addition to P&G, participants include initial investor PepsiCo (NASDAQ: PEP), Dow (NYSE: DWDP), Danone (EPA: BN), Unilever (NYSE: UN) and Coca-Cola Co. (NYSE: KO).
New York-based Circulate Capital anticipates formalizing definitive agreements with P&G and the others by early 2019.
“P&G remains committed to doing our part to help stop the flow of plastic to the ocean, and we know it will take partnerships and collaboration to make meaningful progress,” said Virginie Helias, P&G’s vice president of global sustainability. “We’re proud to join our fellow investors and the Circulate Capital team in working together to generate the innovation and investment needed to solve this critical global issue.”
Representatives of P&G and the other investors are to join Circulate Capital at the Our Ocean Conference in Bali, Indonesia, on Oct. 29, during which they will outline the investment model. Also participating in the side event will be the Ocean Conservancy, a Washington-based nonprofit environmental advocacy organization.
“We seek to catalyze systems change by removing capital as a barrier to critical waste and recycling infrastructure development, and today’s funding announcement is a huge step towards achieving this goal,” said Rob Kaplan, CEO of Circulate Capital...