Kuraray was the first to commercialise the high-performance barrier resin, EVAL (ethylene vinyl alcohol copolymer), which it launched in 1972. EVAL boasts the highest level of gas barrier properties of all plastics and is the market leading barrier resin used in food packaging and industrial barrier applications. In addition, Kuraray has developed and launched KURARISTER, a transparent barrier film for retort applications.
The acquisition of Plantic, a world leader in in bio-based barrier materials, enables Kuraray to respond to the growing global demand for bio-based food packaging materials.
This is in line with its corporate mission, "we in the Kuraray Group are committed to opening new fields of business using pioneering technology and contributing to an improved natural environment and quality of life".
Brendan Morris, CEO of Plantic told PKN the acquisition is "really good news for the business".
"This investment is exactly what Plantic needs right now to give us access to the resources we need to take our technology to the next level on the world stage," he said.
"Kuraray is the founder of EVOH barrier technology, and as such it brings a wealth of experience and expertise to Plantic.
"The company has already made a commitment to significant investment in the Australian manufacturing operation that will see continuous improvement in the Plantic technology."
Morris said that in Australia it will be "business as usual" in the sense that the local business will not change operationally; all Plantic management have committed to staying on and are looking forward to the positive impact of having a global technology leader behind Plantic, giving the business access to significantly expanded R&D, manufacturing and sales resources.
"This is a really exciting development and it's a move that will further expand Plantic’s business both locally and internationally.”
Plantic’s business has grown rapidly since the launch of its environmentally friendly and organic material with the gas barrier property. Plantic film is already used in a broad range of products in the barrier packaging sector and is supplying major supermarkets and brand owners on three continents (Australia, North America and Europe) in applications such as fresh case ready beef, pork, lamb and veal, smoked and processed meats, chicken, and fresh seafood and pasta. Kuraray expects that its global sales network will assist to develop the bio-based barrier business in Europe, USA and Asia.
In advance of the acquisition, Kuraray concluded a contract with Plantic to be the exclusive distributor of Plantic in the Japanese and South Korean markets and began promoting the biomass-based barrier material Plantic film in Japan, where the demand for extension of shelf life for fresh meat and other fresh food is increasing.
In the United States, the largest meat consumer country, Plantic has commenced supply to a number of brand owners and retailers and Kuraray will further develop Plantic’s business including the potential establishment of a production base or an alliance with third parties.
“These market developments are expected to expand the bio-based barrier material business and we expect to achieve revenue of JPY 10 billion globally over the next 3 years,” Kuraray noted in its statement.
“In addition there are significant synergies between Kuraray’s existing barrier business and Plantic’s bio-based barrier technology which will drive new applications.”
