Close the Loop, an end-to-end solutions provider from design and manufacturing, through to collection and recycling of products, has acquired US recycling company In-Plas Recycling for US$4 million.

Joe Foster, CEO of Close the Loop, said the acquisition expands both companies’ service offering in recycled plastics processing.

“We are pleased to be entering additional markets via the acquisition of In-Plas Recycling. The acquisition significantly expands our recycling scope and capabilities in North America as well as our presence on the plastics commodities market.

“In-Plas Recycling not only gives us ownership of a US-based recycler and processer but provides strong sales growth, profitability and delivers a diverse suite of well-established and loyal clients.

“The synergies between In-Plas Recycling and Close the Loop provide for 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 are able to combine innovative solutions to turn waste polymer-based materials into valuable new products for more sectors.”

Established for more than 20 years and headquartered in Cincinnati, Ohio, In-Plas Recycling is a recycler and processor of post-industrial scrap, pellets, regrind and by-products, and also 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. It provides bespoke solutions to maximise scrap value, create landfill costs savings and increase closed-loop recycling capabilities.

In-Plas also provides verifiable destruction of products such as automotive assemblies, retail and pharmaceutical packaging, CDs, obsolete signage, and VCR tapes.

In-Plas’ US client base is spread across a diverse range of industries, with about 40 per cent being contracted plastics processing customers and 60 per cent being on the open market. It has experienced sales growth of 22 per cent over the past year.

The acquisition delivers on Close the Loop’s strategy of growing within the recycling space 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

Settlement is expected to take place on 31 January 2023.

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