Five of the biggest names in American business, Coca-Cola Co, Ford Motor Co, H.J. Heinz Co, Nike Inc and Procter & Gamble Co have formed a group to accelerate the development and use of plant-based plastic, Reuters reported.

The collaboration builds on Coke's "plant bottle" packaging technology, which is partially made from material derived from sugar cane. Heinz has already licensed the technology from Coke for some of its ketchup bottles.

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