Expands Product Distribution in Asia by Entering Malaysian Market
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Cereplast, Inc. (NASDAQ: CERP - News) (“Cereplast” or the “Company”), a leading manufacturer of proprietary bio-based, sustainable plastics, today announced that it has entered into an exclusive distribution agreement with Kuala Lumpur-based CRS Technologies Sdn. Bhd. to supply bioplastic resins in Malaysia. This new agreement supports CRS Technologies’ goal of expanding its product line by offering its custom sustainable solutions for functional plastic coatings in various applications.
“CRS Technologies’ decision to choose Cereplast’s bioplastic resins highlights its commitment to innovation by offering its customers an alternative to traditional petroleum-based plastics, that is functionally equal and reduces the impact on the environment”
Under the agreement, CRS Technologies will utilize both Cereplast Compostables® and Hybrids Resins® in its manufacturing process for customers throughout Malaysia. All Cereplast resins replace a significant percentage of petroleum-based additives with starches made out of corn, wheat, tapioca and potatoes or Ingeo® PLA, allowing bioplastics to return back to nature within 180 days of disposal for the Compostables® or offering a more sustainable alternative with Hybrids® resins for durable applications. Malaysia is a net importer of resins from the United States, which provides 10% of the country’s supply. Cereplast’s bioplastic resins allow CRS to supply its customers with new bio-based materials and fulfill their demand for more environmentally sustainable solutions.
“CRS Technologies’ decision to choose Cereplast’s bioplastic resins highlights its commitment to innovation by offering its customers an alternative to traditional petroleum-based plastics, that is functionally equal and reduces the impact on the environment,” stated Mr. Frederic Scheer, Founder, Chairman and CEO of Cereplast, Inc. “This follows on our recently announced expansion into China and is an important part of our growth strategy, as we engage strong Asian distribution partners such as CRS that are promoting increased awareness regarding the benefits of our bioplastic/compostable resins within key geographic regions around the world.”
According to estimates by market research group Freedonia, the global demand for bioplastic resins that are biodegradable will rise more than fourfold to 900,000 metric tons in 2013, valued at $2.6 billion. Within the next decade, the global bioplastics market share is expected to jump up by 25% to 30%.
“By introducing Cereplast’s biodegradable resins to our markets in Malaysia, we will fulfill our customers’ needs for innovative, environmentally-friendly solutions based on the demand they are seeing from their end markets,” said Sam Cheong, senior vice president of sales and marketing at CRS Technologies. “We are excited to work with Cereplast as their biodegradable resins can easily and readily meet our exacting technical specifications.”
About Cereplast, Inc.
Cereplast, Inc. designs and manufactures proprietary bio-based, sustainable plastics which are used as substitutes for petroleum-based plastics in all major converting processes - such as injection molding, thermoforming, blow molding and extrusions - at a pricing structure that is competitive with petroleum-based plastics. On the cutting-edge of bio-based plastic material development, Cereplast now offers resins to meet a variety of customer demands. Cereplast Compostables Resins® are ideally suited for single use applications where high bio-based content and compostability are advantageous, especially in the food service industry. Cereplast Hybrid Resins® combine high bio-based content with the durability and endurance of traditional plastic, making them ideal for applications in industries such as automotive, consumer electronics and packaging. Learn more at www.cereplast.com.
About CRS Technologies Sdn. Bhd.
CRS Technologies is a leading provider and distributor of chemicals and raw materials for the paint, ink, plastics and rubber industries in Malaysia. Established in 1999, with sales office in Kuala Lumpur and technical support centre strategically located in Petaling Jaya, CRS represents various specialty chemical suppliers, including Lorama, Falcon Technologies, Daikin, Kromachem, Dyonadd, Lemberti, and Micronizers. In the plastics industry, CRS Technologies offer a series of functional and color master batches for various applications through injection, blow molding, film and extrusion.
