In brief: Range International, a company which produces pallets from recycled waste plastic, will list on the Australian Stock Exchange following a successful IPO that raised $50 million.
Range says the Re>PalTM pallets produced were cost competitive, and would save waste plastic from going to landfill, while also reducing demand for timber and virgin plastic.
While it may seem like a niche area, the demand for pallets globally is expected to hit five billion units in 2017.
“This marks a key turning point in the trajectory of our company,” executive chairman Stewart Hall said.
“This IPO is about transitioning Range from a company focused on product development and customer trials to commercial scale production.”
Founder and executive director Matthew Darby said the pallet industry’s heavy timber consumption combined with the world’s plastic waste problem presented both a significant threat to the environment and a “tremendous opportunity”.
“This business is founded on the principle of, ‘Let’s change the way we look at our environment and apply sound commercial practices.’ This is what Range is and it is what we hope to succeeded in doing, not just from an environmental perspective but also as a commercial operation,” he said.
“Around the world, too many trees are being cut down and too much plastic waste is going into landfill or ending up in our oceans. We are determined to change that.”