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Waste recycling company Sancon Resources Recovery has signed an agreement with the to form a joint venture with Close the Loop Limited. The companies will build a state-of-the-art, 6,000 square meter facility in Shangha to recycle toner and inkjet and return the raw materials back to the original manufacturer for reuse in new printers and cartridges.
China currently consumes over 100 million printer cartridges on an annual basis. Sancon will consolidate the results of the joint venture under GAAP. Close the Loop has successfully operated a similar Facility in Australia.