Plantic Technologies acquired by Japanese company

Bio-based barrier film business Plantic Technologies has been acquired by Japanese company Kuraray.

Kuraray was reportedly the first company to commercialise the high-performance barrier resin EVAL (ethylene vinyl alcohol copolymer) when it launched in 1972. EVAL provides the highest level of gas barrier properties of all plastics.

The company acquired Plantic as part of its plan to capitalise on the increasing global demand for bio-based food packaging materials. Kuraray says its global sales network will assist in developing the bio-based barrier business in Europe, the USA and Asia.

Kuraray says it expects to achieve revenue of ¥10 billion globally over the next three years, with the growing demand for extended shelf life in fresh food products expanding the bio-based barrier material business.