Innovia Group has entered an agreement to sell its cellophane business and assets to Nagoya, Japan-based Futamura Chemicals Co.,Ltd, a manufacturer of plastic and cellulose films. The deal is expected to complete on or before June 30, 2016.
“The sale of our cellophane business is an important strategic step for Innovia," says Mark Robertshaw, chief executive of Innovia Group. "Futamura is an excellent long term owner for cellophane, with its core business focussed on cellulose and plastic films.”
Following the sale, Innovia will continue to deepen its focus on its polymer bank note business and on building on its ‘double bubble’ BOPP films business. In the BOPP business, Innovia will continue its focus and investment in differentiated product development for its core and new markets, company officials say.
“The acquisition of the Innovia’s Cellophane business will enhance our product range and presence across the globe," says Yasuo Nagae, president of Futamura Chemicals Co. Ltd. "It supports our ambition to serve our key customers through local manufacturing facilities offering the highest standards of delivery by experienced personnel. We look forward to welcoming Innovia’s Cello employees into our family.”
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