CLG) acquires Crasti &Co earlier than expected; wins the first prize for sustainable development

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Close the Loop Limited (ASX:CLG) has completed the acquisition of Crasti & Company Pty Ltd, one of Australia’s leading bulk packaging companies, one month earlier than originally planned. This will add an additional month of contribution from Crasti & Co. to the Group’s results in the current financial year (financial year 2022). Additionally, the company added another feather to its hat by winning the Diamond Award, which is one of the world’s leading sustainability awards for packaging.

Fueled by the company’s upbeat market update, CLG shares soared 8.474% to trade at AU$0.320 per share on Monday. The company has a market capitalization of A$97.18 million.

Also Read: Close the Loop IPO: Overview of Sustainable Packaging Company‘s Solutions

Early acquisition: icing on the cake

Close the Loop’s acquisition of Crasti & Company was smooth and seamless and is part of the company’s ongoing operations. The early acquisition should bring additional financial rewards to the company. The financial figures are higher than expected, as on February 28 FY2022, the company’s year-to-date revenue, excluding the impact of any acquisitions, was up 23% compared to the previous corresponding period .

Here’s what Group CEO Joe Foster said: “This acquisition shows the cumulative power of Close the Loop in its ability as the only ASX-listed company operating in all areas of the circular economy – from from product design to manufacturing, including collection and recycling, then possibly recovering it in the form of new packaging or secondary products, or simply from packaging to packaging. Crasti & Co’s bulk plastic packaging incorporated into our TonerPlas production through take-back programs with its customers is a good example of our zero waste to landfill approach to the circular economy. »

Image Source: Company Announcement

Crasti & Co product take-back programs and reuse in TonerPlas

Close the Loop has successfully completed recycling trials with Crasti & Co products and is in the process of implementing a take-back program for Crasti bulk bag customers. The program would include multinationals, national companies and prominent government departments. These bags can be reused or sold, depending on their condition, with some products being reused in the production of TonerPlas.

TonerPlas is a patented high performance asphalt additive made from flexible plastics and used printer cartridge toner. Across the Australian state and territory, over 100,000 tonnes of TonerPlas asphalt was laid on the roads by over 40 councils. More recently it has been used by the Victorian Department of Transport in upgrades to the M80 and Monash motorways.

Read: ASX-listed Close the Loop buys seafood packaging from Oceanic Agencies

Close the Loop: A Global Sustainability Award Winner
In another upbeat development, Close the Loop’s packaging division, OF Pack, recently received the Diamond Award for the 2021 Dow Packaging Innovation Awards in Switzerland. This is the world’s leading sustainability award for packaging.

The award recognizes the High Barrier Recyclable Muesli Sachet for Brookfarm as part of the Roll ‘n’ Recycle program. This innovation is the result of 12 months of testing to create a solution that allows consumers to transform empty 100% polyethylene flat packaging into a 3D shape, suitable for the recycling bin so that it is ready for recycling by consumers. existing processes. This is a first-of-its-kind innovation in Australia for home recycling. It has been recognized for the award above other sustainability initiatives from the largest flexible packaging companies in the world.

The company also won a Gold Award for using recycled content in spout packaging for another client, Zero Co.

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