15 November 2010 16:45 [Source: ICIS news]
HOUSTON (ICIS)--Cereplast expects growing demand for bioplastic resins in the US as major retailers seek sustainable products from their suppliers, the US bioplastics firm said on Monday.
The company said in its third-quarter earnings release that it was focussing on markets including food packaging and service ware, consumer durables, cosmetics, gift card and plastic bags in North America, South America and Europe.
The firm has said that it expects to boost its 2010 shipments of bioplastics by 400% from 2009. The company recorded a third-quarter gross profit of $381,000, nearly tripling its 2009 third-quarter performance, it said.
In the third quarter, Cereplast posted sales of $1.5m (€1.1m), up 122% year on year and 121% sequentially.
The company noted a significant increase in demand in Europe, where it was seeing more legislative efforts to reduce the use of oil in plastic, said Cereplast CEO Frederic Scheer.
“While current legislation is only aimed at the production of plastic bags, there is a broader movement afoot in Europe to curtail the use of oil in manufacturing plastics of all kinds in an effort to preserve and protect the environment,” Scheer said.
Cereplast said its bioresins were seeing increased demand and market acceptance in Europe, evidenced by its recent supply deal with Italy-based RI.ME. Masterbatch.
Cereplast also said it had begun “initial conversations” with several other European manufacturers that were seeking alternatives to petroleum-based plastics.
($1 = €0.73)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|