In its effort to lead the adoption of the circular economy, Victorian packaging firm Pact Group acquired Flight Plastics – New Zealand’s only packaging manufacturer with integrated PET recycling capabilities.
The acquisition will complement the business’ capability of recycling in Australia and New Zealand, and enables Pact to support the New Zealand local circular economy with the capability to process more than 5,000 tonnes of recycled PET.
But the business’ goal is to reach the capacity to recycle more than 60,000 tonnes by 2025.
“We have a vision to lead the circular economy,” Pact’s managing director and chief executive Sanjay Dayal said.
“The acquisition of Flight is strongly aligned to our strategy. We are investing across our platform to develop the recycling capability our customers will need to deliver their 2025 sustainability commitments.”
Since Pact both recycles and manufactures plastic, it has a special position in the supply chain in that it can create demand for and supply recycled materials for its clients, while also helping them to recycle their current plastics.
“Flight strongly compliments and enhances [that] platform,” Dayal said.
“We are excited by the opportunity to leverage our combined strengths in leading change and growing the circular economy.”