17 April 2013 16:06 [Source: ICIS news]
HOUSTON (ICIS)--US bioplastics firm Cereplast has seen a significant improvement in its first-quarter sales, mainly because of a decree in Italy that requires merchants to discontinue the use of traditional single-use plastic bags, replacing them with bioplastic bags or other alternatives, it said on Wednesday.
Cereplast expects to continue to benefit from the measure, in particular as Italian authorities will enforce non-compliance with the ruling from the end of May, it said.
Cereplast said that it estimates that the “addressable opportunity” for Italy alone exceeds $50m/year (€38m/year).
In addition, other European counties are expected to enact similar mandates, "which will exponentially increase our opportunity in Europe", the company said.
For the three months ended 31 March, Cereplast expects to report revenue of about $900,000 to $1m, exceeding its total revenue for the entire 2012 fiscal year, it said.
($1 = €0.76)
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