Cereplast and ColorTec have expanded the distribution agreement for providing bioplastic resin to the markets of Slovenia and Italy from November 4, 2011 to December 31, 2012. According to the agreement, ColorTec is planning to buy materials for $20 million during 2012.
The founder, CEO and Chairman of Cereplast, Frederic Scheer, has stated that ColorTec has scheduled to buy materials for $20 million during 2010, because it has inked a new agreement with Cereplast and becomes the key distributor of Cereplast’s products in Italy. This contract extension has shown that the demand for the bioplastic products in Italy is growing, where Cereplast has recently acquired a manufacturing plant and is expecting the commencement of production during 2012. The company is expecting to continue the strong partnership with ColorTec for extending its footprint in Italy.
ColorTec’s COO, Gaetano Paolillo has commented that the company is proving solutions in the southern part of Italy and will extend towards the northern portions of Italy in order to meet the rising demand. ColorTec has identified this bioplastics from Cereplast to have better properties than other bioplastic resins, and offers enhanced strength and good performance.
Italy-based ColorTec develops and designs masterbatches to add colorant to uncolored and bulk resins. The additive and color masterbatches are employed in most of the plastic processing techniques such as blownware, wire and cable, extrusion coating, blown and cast films, injection molding, fiber spinning and pipe and conduit.