ISP Tek Services has entered into an exclusive North American alternative recovery programme agreement with HP Inc.
Close the Loop Limited (Close the Loop or the Company), an end-to-end solutions provider from design and manufacturing, through to collection and recycling of products, announced that its wholly owned subsidiary, ISP Tek Services, has entered into a multi-year contract with HP Inc.
This new agreement changes the existing contract from a rolling one year contract to a 3-year contract and includes exclusivity across a number of product lines.
The agreement is effective for 3 years from 1 November 2023 to 31 October 2026. The following products are exclusive to ISP Tek Services:
- Consumer Notebooks;
- Consumer Chrome OS;
- Consumer Monitors;
- Consumer Accessories; and
- Hyper X products including headsets, microphones, keyboards and mice.
ISP Tek Services has entered into a revenue share model with HP Inc. for the products listed above. The revenue share model is expected to improve the profitability, recovery value and cash generated from this agreement for all parties.
All other product lines will continue to be processed with no change to existing “as-is” arrangements. This is in line with the current arrangements with HP Inc. for these product categories.
Close the Loop’s Chief Executive Officer Joe Foster said: “This is the first agreement of this nature with HP Inc., a pioneer in sustainability, and confirms Close the Loop’s preeminent global reverse logistics expertise. The future success of this program in North America provides Close the Loop with the opportunity to expand ISP Tek Service’ service offering to other jurisdictions in which we operate.”
“As part of this arrangement there is a requirement that all products collected through this program, that are deemed to be beyond economic repair are to be dismantled and reused as spare parts, which is in full alignment with our brand promise of zero waste to landfill.”
HP Renew Solutions, Remarketing Programme Manager, Reid Ginzel said: “We have a long partnership with ISP Tek Services where we continually seek ways to improve the programme and drive higher recoveries. This new agreement cements our ongoing commitment to work together to generate increased financial returns for both organisations whilst capitalising on operational efficiencies and improving our impact on the planet.”
