Pact Group has completed the acquisition of Flight Plastics, a leading provider of packaging for the fresh food segment and New Zealand’s only packaging manufacturer with integrated PET recycling capability.
The acquisition of Flight is another important step in Pact’s strategy to lead the circular economy through reuse, recycling, and packaging solutions. The acquisition will complement and enhance Pact’s leading capability in recycling in Australia and New Zealand and enables the Company to provide customers packaging containing food grade recycled content which supports the New Zealand local circular economy. Flight has capability to process more than 5,000 tonnes of recycled PET.
Customers are increasingly demanding sustainable packaging that supports the local circular economy. The acquisition of Flight will significantly enhance Pact’s offering to customers in the fresh food segment in both New Zealand and Australia, providing capability to offer customers up to 100% locally sourced recycled materials.
Pact’s Managing Director and CEO, Mr Sanjay Dayal, said “We have a Vision to lead the circular economy. 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. Our target is 30% recycled content across our portfolio, which means we will need more than 60,000 tonnes of recycling capacity by 2025.
“As an integrated recycling and packaging manufacturer we have a special position in the plastics value chain. We have capability not only to recycle plastics, but also to create demand for recycled materials through innovative packaging design and manufacture. Flight strongly compliments and enhances our platform.
“We welcome the highly talented and committed Flight team to Pact. We are excited by the opportunity to leverage our combined strengths in leading change and growing the circular economy.”
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