SYDNEY, AUSTRALIA: Close the Loop Limited (ASX: CLG), a leading provider of sustainability solutions, has announced two major developments: the completion of a new soft plastic recycling facility in Melbourne and the appointment of a new North American CEO.
The new facility, which will start generating revenue in early 2024, is part of the company’s plan to expand its circular economy business model across Australia and the USA. The facility will process post-consumer soft plastics into high-value products, such as TonerPlas®, an innovative asphalt additive that reduces carbon emissions and improves road quality.
Close the Loop CEO Joe Foster said the facility was an important milestone in Australia’s waste journey and that the company played an integral role in creating a circular economy for soft plastics. He also said the facility would support the relaunch of retail soft plastic collections in Australia and that the Soft Plastics Taskforce, comprising major Australian supermarkets, had welcomed the initiative.
The company also announced the appointment of Michael Welton as the North American CEO of Close the Loop. Welton is a veteran in the sustainability industry, with over 30 years of experience. He previously led the growth of Environmental Reclamation Services (ERS) to U$50 million in annual revenue and managed global recyclables collections and eCommerce platforms for Clover Imaging Group.
Welton holds a bachelor’s degree in computer science and mathematics from Gannon University in Erie, PA. He will be responsible for providing strategic leadership and overseeing sales, operations and business development for the North American group of companies.