Kuraray said it has completed the acquisition of all of the shares in Australia based Plantic Technologies Limited, which is engaged in the bio-based barrier film business.
According to a Kuraray press release, it was the first to commercialise the high-performance barrier resin, EVAL (ethylene vinyl alcohol copolymer), which it launched in 1972.Kuraray said it has completed the acquisition of all of the shares in Australia based Plantic Technologies Limited, which is engaged in the bio-based#
“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,” it said.
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 meets the increasing global demand of bio-based food packaging materials.
As a leading producer of barrier materials, Kuraray will further develop its business through the addition of Plantic’s best in class bio-based barrier material.
Plantic film is used in a broad range of products in the barrier packaging sector and is supplying major supermarkets and brand owners across three continents of Australia, North America and Europe.
Its films find applications in products such as fresh case ready beef, pork, lamb and veal, smoked and processed meats, chicken, and fresh seafood and pasta applications.
Kuraray expects that its global sales network will assist to develop the bio-based barrier business in Europe, USA and Asia.
In the US, the largest meat consuming country, Plantic has commenced supply to a number of brands and retailers.
In the US, Kuraray will further develop Plantic’s business including the potential establishment of a production base or an alliance with third parties.
In Japan where the demand for extension of shelf life for fresh meat and other fresh food is increasing, Kuraray will assist customers to reduce food loss and waste with the environmentally friendly material.
These market developments are expected to expand the bio-based barrier material business and Kuraray expects to achieve revenue of ¥10 billion globally over the next three years.
“In addition there are significant synergies between Kuraray’s existing barrier business and Plantic’s bio-based barrier technology which will drive new applications,” it added.
Further, Kuraray’s market leading technology and global sales network is expected to accelerate the development and expansion of a barrier material business including Plantic’s technology. (AR)
Fibre2fashion News Desk - India
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