MyEco Group (ASX:MCO) announced strategic repositioning, deciding to concentrate on sustainable products and focus exclusively on related markets, according to a Monday filing on the Australian bourse.
The board and management of the firm refocused its sales strategy, conducting a review of operations to transform the operational structure to better align it with MyEco branded products sales growth, and repositioning its resin business.
The company will consolidate and rationalize manufacturing assets in Malaysia to reduce costs, per the filing.
It will also relocate its larger pilot line equipment from its Melbourne office to its commercial plant in Nanjing, China, which is expected to reduce costs for product trials and realize efficiencies in upscaling commercial production trials.
The firm is focusing on securing new global distributors with the potential to drive significant sales growth. It will also continue to develop more technologically advanced resins, in collaboration with the Solving Plastic Waste Cooperative Research Centre and Australian universities.
The firm's shares jumped nearly 11% in early trading on Monday.
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