Australia's Close The Loop sinks after fire at facility

Close The Loop

10/06/2022 02:30

** Shares of recycling solutions co Close The Loop  CLG.AX 
slide as much as 11.5% to A$0.345, their lowest level since May
27
    ** Co says there was a fire incident at its production line
for TonerPlas, an asphalt additive used in laying roads, and the
line will be offline for six months  urn:newsml:reuters.com:*:nASX6gZVc0 
    ** Expects the interruption to cost A$1.5 mln including
insurance excess and additional warehouse costs, to be recorded
in a provision in FY22 
    ** Revenue impact in FY23 expected to be A$600,000 
    ** CLG up 30% YTD, as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))