Cereplast, Inc. designs and manufactures proprietary bio-based, sustainable plastics which are used as substitutes for traditional plastics at a price that is competitive. The company offers products which meet a variety of customer needs.
The company said today that it has completed the purchase of a manufacturing plant in Assisi, Italy that will serve as the hub for its European bioplastics production. The new plant enables Cereplast to further expand its capabilities to produce and deliver bioplastic products to the European marketplace.
The management of Cereplant estimates the total cost of the purchase and refurbishment of the facility to be about 12 million euros. The majority of the funding will be provided by the Italian bank Monte de Paschi di Sienna.
Cereplast intends to build a plant with a capacity of approximately 100,000 tons, or 220 million pounds, which will be completed in two phases. The first phase will allow for a 50,000 ton capacity with manufacturing expected to begin by the fourth quarter of 2012. The second phase is expected to be completed on a schedule based on market demand for the bioplastics.
For additional information about Cereplast, please visit the company’s website at www.cereplast.com
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