Kuraray Expands into Bio-based Barrier Materials
Japanese plastics and fibers group Kuraray is expanding into bio-based barrier materials with the acquisition of Australia-based Plantic, one of the leading global producers of bio-based barrier film used in food packaging.
In 1972, the Japanese group became the first to commercialize high-performance petrochemical-based barrier resins made of ethylene vinyl alcohol copolymer, products now regarded as market-leading in food packaging and industrial barrier applications.
Plantic, founded in 2001, produces bio-based barrier materials using a patented polymer technology based on high-amylose starch. The acquisition of the Australian company will enable Kuraray to provide barrier materials which meet the increasing global demand of bio-based food packaging materials, it said.
Kuraray said its global sales network will help develop Plantic's bio-based barrier business in Europe, US and Asia, where demands in terms of improved freshness, reduced food loss and waste can be met with the use of the environmentally friendly material.
By developing new markets, the Japanese group said it expects to achieve revenue of 10 billion yen (€78 million) with the bio-barrier films over the next three years. Kuraray is already exclusive distributor of Plantic's products in Japan and South Korea.
