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.
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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.