The merger of two Australian-based bioplastics companies will go ahead after shareholders of the listed entity voted overwhelmingly in favor of the proposal.<\/p>\n
The merger creates a company with annual sales of US$21 million.<\/p>\n
The vast majority of shareholders of Melbourne-based, publicly listed Cardia Bioplastics Ltd. agreed to seven resolutions that facilitate the merger with Melbourne-based privately held Stellar Films Group Pty. Ltd. These include a name change to Secos Group Ltd.; and a plan to raise US$2.4 million to fund future growth and provide working capital.<\/p>\n
Cardia CEO Frank Glatz told Plastics News response to the merger was \u201cvery positive.\u201d The positive vote came despite an independent financial analysis of the merger saying it was \u201cnot fair\u201d for Cardia\u2019s shareholders, however, it was \u201creasonable.\u201d<\/p>\n
The merger includes the 50.8 percent share of Akronn Industries Sdn. Bhd. that was owned by Stellar. Akronn manufactures silicone-coated paper and film products in Nilai, Malaysia.<\/p>\n
Glatz said Secos will be the holding company name, but business brands Cardia Bioplastics, Stellar Films and Akronn will remain.<\/p>\n
Cardia Chairman Richard Tegoni said both Cardia and Stellar have experienced challenges in recent years: Stellar restructured to accommodate changes in traditional plastic films manufacturing, and Cardia invested heavily in developing technology \u201cdesigned to capture the growing demand for more sustainable and environmentally preferred plastic products.\u201d<\/p>\n
Tegoni said the merged business will be able to manufacture its own proprietary resins to supply to the group\u2019s business units that make plastic films.<\/p>\n
\u201c[Our] early focus will be to ramp up production at Stellar\u2019s Deer Park cast film plant [near Melbourne] \u2026,\u201d he said. \u201cThis will provide an opportunity to increase sales in the short term because the Deer Park plant is underutilized,\u201d he said.<\/p>\n
Glatz told Plastics News Secos Group will get a new headquarters. \u201cWe are currently evaluating options,\u201d he said. Cardia\u2019s office and warehouse in the Melbourne suburb of Mulgrave will close.<\/p>\n
Tegoni said Cardia\u2019s Biohybrid cast films, produced on Stellar\u2019s large-scale cast film production lines, will be well received by customers.<\/p>\n","protected":false},"excerpt":{"rendered":"
The merger of two Australian-based bioplastics companies will go ahead after shareholders of the listed entity voted overwhelmingly in favor of the proposal. The merger creates a company with annual sales of US$21 million. The vast majority of shareholders of Melbourne-based, publicly listed Cardia Bioplastics Ltd. agreed to seven resolutions that facilitate the merger with […]<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[],"supplier":[9395,2086,8587],"class_list":["post-25629","post","type-post","status-publish","format-standard","hentry","category-bio-based","supplier-akronn","supplier-cardia-bioplastics","supplier-stellar-films"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/25629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=25629"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/25629\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=25629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=25629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=25629"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=25629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}