Cereplast, Inc. (OTCBB: CERP), manufacturer of proprietary bio-based, sustainable plastics, today announced that it had completed the mechanical installation of the first production line at the company’s Seymour, Ind. facility. In addition, Cereplast has appointed industry veteran Mark Barton Senior Vice President Manufacturing and General Manager of the Indiana facility.
“This completed installation demonstrates the flexible, scalable nature of Cereplast’s production technology and the ability of our operations management team to meet aggressive timelines,” said Frederic Scheer, chairman and CEO of Cereplast. “I am pleased that we reached this important milestone ahead of schedule,” Sheer added. System testing and commissioning over the coming weeks will ready the site for commercial bioresin production before the end of September 2008. The installed production line has a nameplate production capacity of 50 million pounds of bioresin annually. It is located on a 63 acre site that is sized for a rapid expansion of up to 500 million pounds per year as early as 2010.
Mark Barton joins Cereplast to manage the Indiana operations and manufacturing overall for the company. “Mark has been recognized as one of North America’s most experienced and accomplished plastic resin production managers over the course of his 25 year career at Basell Polyolefins, Nippisun and Toray Resins,” said Randy Woefel, president and COO. “He has demonstrated success building and managing plastic resin production operations with multi-hundred million pounds of output. Mark will be a tremendous asset and great fit for Cereplast as we execute on our strategic plans.” An Indiana resident for more than 15 years, Mr. Barton assumes his responsibilities immediately.
Separately, the Indiana Economic Development Corporation (IEDC) confirmed the formal approval of up to $665,000 in tax credits from the Hoosier Business Investment and the Economic Development for a Growing Economy programs. These are in addition to a grant of up to $60,000 from Indiana’s Skills Enhancement Fund to support training of new employees and a combined investment of $400,000 by State and local authorities for the extension of a nearby rail spur to serve Cereplast’s operations.
Source: Cereplast Inc., 2008-08-04.