MOSCOW (MRC) -- Kuraray, Japanese manufacturer of performance-based polymer and synthetic chemistry technologies, has announced that it has completed the acquisition of all of the shares in Australia-based Plantic Technologies Limited, a producer of biomass-based barrier films, from Gordon Merchant No. 2 Pty Ltd., as per GV.
Financial details were not disclosed. Plantic has 70 employees and is estimated to reach a revenue of approximately JPY 3 billion (EUR 22.9 million) in 2015.
Plantic film is used in a broad range of products in the barrier packaging sector. The company is supplying major supermarkets and brand owners on three continents (Australia, North America and Europe).
As MRC informed previously, Kuraray was the first to commercialise the high-performance barrier resin, EVAL (ethylene vinyl alcohol copolymer), which it launched in 1972. EVAL boasts the highest level of gas barrier properties of all plastics and is the market leading barrier resin used in food packaging and industrial barrier applications. In addition, Kuraray has developed and launched Kurarister a transparent barrier film for retort applications.
The acquisition of Plantic enables Kuraray to provide barrier materials which meet the increasing global demand of bio-based food packaging materials. This is in line with Kuraray’s corporate mission.
Kuraray expects that its global sales network will assist to develop the bio-based barrier business in Europe, USA and Asia, responding to the global demand of improved freshness, reduced food loss and waste with the use of environmentally friendly material, Plantic film.
Kuraray produces specialty chemicals, fibres and other materials, including functional resins and films, synthetic isoprene chemical products, synthetic leather, vinylon fibre and polyester fibre.
MRC