1 August 2023
- SECOS to exit low margin traditional plastic market to focus entirely on sustainable packaging
- Traditional plastic assets sold to ADVENT for RM$0.6m (approximately AUD$0.2m) and will also unlock approximately AUD$2.0m of working capital
- SECOS enters into an exclusive manufacturing supply agreement with ADVENT for the supply of MyEcoWorld™ compostable pallet wrap and bio-packaging films
- ADVENT, a packaging manufacturer based in Malaysia, will manufacture SECOS’ MyEcoWorld™ compostable cast films using SECOS’ proprietary compostable resins
- Provisions of approximately AUD$0.5m will be taken up to account for closure costs
- The asset sale is expected to be completed by 1 December 2023