The cocacola co., ford motor co., h.j. Heinz c., nike, inc. And procter & gamble announced the formation of the plant pet technology collaborative ptc, a strategic working group focused on accelerating the development and use of 100 plantbased pet materials and fiber in their products. Pet, also known as polyethylene terephthalate, is a durable, lightweight plastic that is used by all member companies in a variety of products and materials including plastic bottles, apparel, footwear and automotive fabric and carpet.