Cereplast to open bioplastics plant in Italy
Bioplastics supplier Cereplast plans to open a major production plant in Assisi, Italy, in late 2012.
In a 2 May news release, officials with US-based Cereplast said the new plant will open with annual production capacity of about 110 million pounds (50 million kilos), and is expected to double that capacity by the end of 2013.
“This is a significant step in Cereplast’s evolution,” Chairman and CEO Frederic Scheer said in the release. The new plant will help Cereplast “meet soaring demand for this material in the European market”, he added.
The plant is expected to create 150 new jobs at the site and at area businesses, officials said. The location was chosen in part because Cereplast generates 85% of its sales from Europe. At present, the firm’s only production plant is in Indiana, the US.
Cereplast develops and manufactures sustainable plastics based on corn and other materials. Its materials are sold into a variety of processing methods, including injection moulding, thermoforming and blow moulding.
In 2010, Cereplast posted sales of $6.3m (€4.3m) - more than double its 2009 sales total. But Cereplast also posted a loss of almost $7.5m (€5.1m) for the year, after losing almost $6.1m (€4.1m) in 2009.
For 2011, Cereplast has set a much higher sales goal of $32m (€21.7m) - more than five times its 2010 result. The firm increased its expectation from $28m (€18.9m) to $32m (€21.7m) after recording sales of just over $7m in the first quarter.