Cereplast, Inc. (NASDAQ: CERP), a leading manufacturer of proprietary biobased, compostable and sustainable plastics, entered into a distribution agreement with Polimernet Plastik Ltd. (“Polimernet Plastik”) to supply Cereplast bioplastic resins to the Turkish market.
"Cereplast has entered into six European distribution agreements in 2011, and this partnership with Polimernet Plastik is a clear indication of the explosive demand for bioplastic resin sweeping across the pan-European marketplace," said Frederic Scheer, Chairman and CEO of Cereplast, Inc. "This is another step in our growth strategy to secure quality distribution partners in key regions, such as Turkey. Turkey is one of the first three countries in Europe who have forged forward with adopting bioplastic material for products and packaging in an attempt to help safeguard the environment.”
Under the terms of the agreement, Polimernet Plastik will supply Cereplast Compostables® resin to product and package manufacturers in Turkey. The contract includes a minimum of 100 tons of Cereplast resin per month for 2011, a number to grow in 2012 and beyond. With 8% GDP growth, Turkey is benefiting from the strongest economic prosperity in Europe, and, in terms of bioplastic market share in Europe, the country ranks third, after Italy and Germany. According to European Plastics, the bioplastics industry in Europe is growing at a rate of roughly 20% each year.
"We are excited about our collaborative agreement with Cereplast, as its proprietary compostable resin products are an effective solution for our customers as they seek to meet an alternative to petroleum-based plastic which is harmful to the environment," said Selim Güven, General Manager at Polimernet Plastik. "We are committed to bringing our clients, in Turkey, the most innovative and highest quality biobased materials for the manufacturing of their products and packaging needs.”Polimernet Plastik will use the Cereplast Compostable 3000 and the Cereplast Compostable 7003 film grades to produce bioplastic film for garbage bags, food packaging and t-shirt bags. This bioplastic film is designed to have a balance of puncture strength, toughness, and can be processed on existing blown film extrusion machines. Cereplast Compostable 3000 and 7003 are proprietary patented formulations, which includes Ingeo PLA.
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