(SeeNews) - Mar 4, 2014 - Novara-based bioplastics group Novamont said on Monday it signed an accord with PET resin maker Mossi & Ghisolfi (M&G) to acquire a 78% stake in its subsidiary Mater-Biopolymer Srl with an option to buy the remaining shares by the end of 2016.
The financial terms of the deal have not been disclosed.
Mater-Biopolymer has a plant in Patrica, central Italy, employing 83 staff. Under the accord, the plant will make products only for Novamont and M&G with one line producing PET for M&G and another making Origo-Bi, a line of polyesters made of renewable sources based on Novamont technology. The Origo-Bi range of products comprises polyesters obtained from monomers partially or completely from a renewable source, used to improve the technical, economic and environmental impacts of Mater-Bi, the family of biodegradable and compostable bioplastics Novamont, a statement read.
At full rate, the factory should produce some 100,000 tonnes of Origo-Bi polyesters annually.
Novamont has 323 employees and invests 4.9% of its turnover in research and development. The group owns a portfolio of almost 1,000 patents.