JV on plastic from plants
PLANTIC TECHNOLOGIES, the Australian company behind the development of Plantic: plastic from plants, has today announced a strategic alliance with Visy Industries .
Plantic Technologies developed and now manufactures Plantic, a plastic from plants which disperses rapidly on contact with water and is biodegradable.
The company has entered into an agreement to develop and commercialise new technology utilising the unique properties of Plantic with a global supplier to the food and beverage packaging industry based in the US.
The details of the agreement are protected under confidentiality.
A complementary strategic alliance in the development and commercialisation of the technology has been established with Visy Industries.
The Plantic polymer will be utilised by Visy Industries in their portfolio of food and beverage packaging.
The result will be plastic containers which uses less plastic with improved recycling properties.
“Visy is Australia’s leading packaging and recycling company. The relationship with Plantic Technologies supports our commitment to the environment and positions us to be in the forefront of packaging technology,” Visy Industries technical director Martyn Johnson said.
The deal coincides with a $10 million capital raising by Plantic Technologies, which is being managed by PricewaterhouseCoopers.
The Company is attracting interest from venture capitalists and sophisticated investors to participate in this latest funding round. The $10 million will be used to fund the accelerated commercialisation of Plantic trays in Europe, the development of second-generation products, and strategic alliances. Plantic Technologies CEO David MacInnes said these strategic alliances were an exciting development in the growth of Plantic.
“Since Plantic commenced in June 2002 we have commercialised rigid thermoforming trays in Australia with customers like Cadbury Schweppes, expanded our operations into Europe and now with the support of shareholders and strategic partners commenced the development of new products and applications which will further expand the market potential for Plantic products.
Three years ago the Australian Cooperative Research Centre for International Food Manufacture & Packaging Science created Plantic Technologies to commercialise its intellectual property which produced plastic from plants.
Rebecca Christie
Plantic Technologies
(02) 9237 2800 / 0417 382 391
9-Mar-2005