CLOSED LOOP RECYCLING
Investment bank hired to raise cash for expansion / Plans to build new plants across the UK
Closed Loop Recycling (Dagenham / UK; www.closedlooprecycling.co.uk) aims to raise GBP 30m (EUR 36m) to finance its expansion plans for production of food-grade rPET and rHDPE. The company plans to establish a series of plants across the UK and has hired advisors from investment bank UBS to arrange the funding.
Closed Loop’s main plant in Dagenham can reprocess 35,000 t/y of PET and HDPE. The company expects to start work on a second plant on Deeside / Wales early in 2011, with production slated to commence by the end of the year – see Plasteurope.com of 25.09.2008. The plant, with 50,000 t/y capacity, will take much of its scrap from Wales and northwest England, diverting waste from landfill and export. Companies scheduled to take reprocessed polymer from the plant include Coca-Cola Enterprises, Solo Cup Europe, Nampak, Logoplaste and Alpla.
Closed Loop’s main plant in Dagenham can reprocess 35,000 t/y of PET and HDPE. The company expects to start work on a second plant on Deeside / Wales early in 2011, with production slated to commence by the end of the year – see Plasteurope.com of 25.09.2008. The plant, with 50,000 t/y capacity, will take much of its scrap from Wales and northwest England, diverting waste from landfill and export. Companies scheduled to take reprocessed polymer from the plant include Coca-Cola Enterprises, Solo Cup Europe, Nampak, Logoplaste and Alpla.
 Chris Dow (Photo: Closed Loop Recycling) |
Outlining his plans for multiple plants throughout the UK, Closed Loop Recycling managing director Chris Dow said he believed there is an investor appetite for companies with proven performance, adding that Closed Loop has worked with all aspects of the supply chain to ensure a constant availability of raw material and a strong demand for its end-product. Also, recycling rates are continuing to increase in the UK, supported by positive consumer education and a willingness of local authorities to extend their range of recycling services.
“All we need now,” Dow emphasises, “are the right incentives from government to support our industry further, develop the next generation of low carbon jobs and make the positive changes to the environment we are all striving for.” According to a recent study by Market & Business Development(MBD, Birmingham / UK; www.mbdltd.co.uk), some 1,700 new waste treatment facilities will need to be built in the UK in order to meet the goals of the political establishment – see Plasteurope.com of 04.08.2010.
When the Deeside plant is operational, Closed Loop’s two facilities will be saving an estimated 127,500 t of carbon dioxide annually. The Deeside factory will also create 110 jobs.
“All we need now,” Dow emphasises, “are the right incentives from government to support our industry further, develop the next generation of low carbon jobs and make the positive changes to the environment we are all striving for.” According to a recent study by Market & Business Development(MBD, Birmingham / UK; www.mbdltd.co.uk), some 1,700 new waste treatment facilities will need to be built in the UK in order to meet the goals of the political establishment – see Plasteurope.com of 04.08.2010.
When the Deeside plant is operational, Closed Loop’s two facilities will be saving an estimated 127,500 t of carbon dioxide annually. The Deeside factory will also create 110 jobs.
06.08.2010 Plasteurope.com [216937]
Published on 06.08.2010