US – Melbourne-based Close the Loop (CTL) has completed the acquisition of US-based In-Plas Recycling for US$4 million.
The acquisition will significantly expand Close the Loop’s recycling scope and capabilities in the US, as well as the company’s presence in the plastics commodities market.
Joe Foster, CEO of Close the Loop said: “In-Plas Recycling not only gives us ownership of a US-based recycler and processer but provides strong sales growth, and profitability and delivers a diverse suite of well-established and loyal clients.
“The synergies between In-Plas Recycling and Close the Loop provide considerable opportunities for growth.
“A senior member of our US management team has prior experience working with In-Plas, and both companies’ complementary services mean we can combine innovative solutions to turn waste polymer-based materials into valuable new products for more sectors.”
Established more than 20 years ago, In-Plas Recycling is a recycler and processor of post-industrial scrap, pellets, regrind and by-products, and sells a broad range of recovered plastic products on the market. In-Plas operates at three sites located at key customer facilities.
In-Plas works with a variety of thermoplastics and operates across multiple sectors including automotive, manufacturing, and pharmaceutical.
The company provides bespoke solutions to maximize scrap value, create landfill cost savings and increase closed-loop recycling capabilities.
In addition, In-Plas provides verifiable destruction of products such as automotive assemblies, retail and pharmaceutical packaging, CDs, obsolete signage, and VCR tapes.
The acquisition delivers on Close the Loop’s strategy of growing within the recycling space and is in line with its core focus on the circular economy.
Due to the complementary parts of the market that both companies operate, the acquisition increases the product suite that Close the Loop can sell into the plastics secondary market in North America.
Equally, Close the Loop expands the processing capability of certain In-Plas Recycling products, creating more markets for the current In-Plas product suite.
Meanwhile, the company acquired seafood packaging group Oceanic Agencies for US$3.25 million in 2021.
deal strengthens its bulk and commercial seafood packaging capability in a growing and “highly complementary” sector to its existing seafood business offering.
This acquisition has strengthened Close the Loop’s bulk and commercial seafood packaging capability in the then-growing and “highly complementary” sector to its existing seafood business offering.
Oceanic supplies more than 600 Australian seafood companies with custom-printed commercial packaging, insulated bins, flexible plastic packaging and plastic tubs and creates.
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