29 September 2010

Cardia Bioplastics to enter Malaysian Packaging Market

Agreement to establish a new Malaysian entity, Cardia Bioplastics Malaysia

Cardia Bioplastics and RNZ Green Bio have signed an agreement to establish a new Malaysian entity, Cardia Bioplastics Malaysia Manufacturing (CBMM) to manufacture finished bioplastics products. The Agreement was signed at the National Utilities Summit 2010 in Kuala Lumpur, Malaysia.

The relationship between Cardia Bioplastics and RNZ Green Bio has been announced by the Malaysian Minister of Energy, Green Technology and Water, YB Dato Sri Peter Chin Fah Kui, at the Malaysian National Utilities Summit 2010 in Kuala Lumpur. The Minister acknowledged the new venture between the two companies as one of the pioneers of bioplastics manufacturing in Malaysia. In addition, the Minister endorsed Cardia Bioplastics efforts in promoting compostable bioplastics packaging that uses less oil with a lower carbon foot print and is environmentally responsible.

Cardia Bioplastics Chairman, Pat Volpe, said “We are launching in Malaysia with our partner RGB. Malaysia is recognised as one of the world’s largest manufacturing hubs for plastics packaging and there are enormous opportunities for CBMM to manufacture bioplastics products for both the local and export market in this growing industry.” Cardia Bioplastics proprietary technology is accredited worldwide and will be licensed to CBMM. RGB will provide the initial working capital on terms and conditions to be formalized in a shareholder agreement.

RNZ Green Bio Chairman, Mr IR Rozali Ahmad, said ”Our company has been extensively searching for the right partner that has a patent position, international accreditation and an established infrastructure for manufacturing, distribution and marketing of bioplastics products. Cardia Bioplastics fits the bill and I am impressed with the quality of its management and technical expertise.

Source: Traderdealer.com, 2010-09-29.

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