Aug 26 2010
Cereplast, Inc. (NASDAQ: CERP) (“Cereplast,” or the “Company”), a leading manufacturer of proprietary bio-based, compostable and sustainable plastics, announced today that it has entered into a multi-million dollar contract with RI.ME. Masterbatch S.r.l., (“RI.ME.”) based in Mozzate (CO), Italy, to supply bioplastic resins for use in its masterbatch process for adding colorant to bulk, uncolored resins.
The new agreement supports RI.ME.’s commitment to offering its customers sustainable, environmental solutions in the design and production of masterbatches.
Plastic bag made from Cereplast resin
“We are excited that RI.ME. has chosen Cereplast to provide bioplastic resins for use in its masterbatching process for its clients throughout Europe,” said Mr. Frederic Scheer, Founder, Chairman and CEO of Cereplast, Inc. “This was made possible by RI.ME.’s success in using our materials in its masterbatching process, and by the excellent performance of Cereplast resins on extrusion lines designed for HDPE, LDPE or PVC without any kind of technical investments. RI.ME. is a leader in designing and developing masterbatches suitable for coloration and with any type of thermoplastic resin. This is a significant contract for Cereplast and we are honored to work with RI.ME., who is promoting increased market awareness and adaption of bioplastic/compostable solutions in Europe and helping us to increase our presence in this important geographic market.”
Under the terms of the contract, Cereplast will supply its Compostable 3000 film grade for use in RI.ME.’s masterbatching processes for the production of items such as carry out bags and compostable trash bags. This film is designed to have an excellent balance of puncture strength, toughness, and can be processed on existing blown film extrusion machines. Cereplast Compostable 3000 is a proprietary patented formulation which includes Ingeo PLA and a copolyester from BASF. Cereplast will begin shipping its bio resins in September 2010 and is currently in discussions to extend the contract on other RI.ME. product lines. The initial contract runs through December, 2011.
"Our contract with Cereplast enables us to address growing consumer and industrial demand for environmentally-friendly plastic products," commented Mr. Alberto Cattaneo, CEO of RI.ME. "We currently supply biodegradable colors to more than 150 of our customers. This collaborative agreement expands our product offering and strengthens our position as a leading designer and developer of masterbatches throughout Europe."