Casey Container to Build Biodegradable PET Plastics Production Facilities

Casey Container has entered into an equity funding agreement with Crown Hospitality Group, an affiliate of CEG, to construct PET biodegradable plastics preforms and bottling manufacturing facilities.

The $4 million will be delivered in tranches over a period of 12 months. The initial t $400,000 will be used to establish the first PET biodegradable plastics preform manufacturing plant in Tampa, Florida and the shipment of biodegradable plastics preforms is expected to commence in September or October 2011.

Casey Container’s President and CEO, Martin R. Nason stated that the company is happy with the Crown's plan for making direct investment in Casey Container. The partnership will speed up the expansion of Casey Container in the U.S. The funding agreement signifies Crown’s confidence that Casey Container will be successful in offering environmentally friendly and sustainable packaging and biodegradable plastic products globally.

The initiative will help Casey Container to address the growing demand for green and environmentally friendly PET biodegradable plastic container and bottling solutions. The company has signed a letter of intent (LOI) with CEG in February 2011 to establish a number of global PET biodegradable plastics preform and bottling manufacturing facilities.