Kuraray has acquired Australia-based bioplastics producer Plantic Technologies for an undisclosed amount, as it seeks to expand into the bio-based barrier materials market.
Plantic produces films for a range of applications across the Australian, North American and European barrier packaging sectors, used primarily to package meat, seafood, poultry and pasta.
“The acquisition of Plantic enables Kuraray to provide barrier materials which meets the increasing global demand of bio-based food packaging materials,” the Japan-based company said in a statement. “This is in line with Kuraray’s corporate mission… ‘committed to opening new fields of business using pioneering technology and contributing to an improved natural environment and quality of life’. As a world leading producer of barrier materials, Kuraray will further develop its business through the addition of Plantic’s best-in-class bio-based barrier material.”
Kuraray also said that the acquisition would allow it to develop the bio-based barrier business in a number of regions, including Asia, and respond to the global demand for improved freshness, reduced food loss and waste with the use of environmentally friendly material, namely Plantic film. It expects to achieve revenues of ¥10bn ($83.1m) over the next three years, it added.
© FoodBev Media Ltd 2019