(By Balaseshan) Metabolix Inc. (NASDAQ: MBLX) has entered into an agreement with packaging solutions supplier Kenmare Srl. to expand business in compostable film markets in Europe.
Under the agreement, Kenmare will promote to its customers Metabolix's Mvera B5008, a certified-compostable film grade, starting in 2013. Kenmare is a packaging solutions supplier based in Milan, Italy and Lugano, Switzerland.
Mvera B5008 is designed for consumer compost bags, can liners for commercial compostable food waste, as well as shopping and retail bags that can be reused as consumer compost bags.
It is certified by Vinçotte to meet the EN 13432 standard for compostable plastics, and exhibits many of the same performance qualities of the current non-compostable plastic bags– such as excellent puncture and tear resistance, good barrier properties, printability and compatibility with other compostable polymers.
[Related -Watch Out For The One-Time Revenue Effect]
"Kenmare has unparalleled expertise and reach in these regions, working with a number of leading organizations on their packaging needs. This expanded relationship reflects Metabolix's continued growth in European markets and will help us leverage existing Kenmare customer relationships and capabilities to broaden our presence in European markets," said Stan Haftka, director of business development, Europe at Metabolix.
Metabolix is a bioscience company focused on bringing environmentally friendly solutions to the plastics, chemicals and energy industries. The company has core capabilities in microbial genetics, fermentation process engineering, chemical engineering, polymer science, plant genetics and botanical science.
[Related -Metabolix (MBLX) Gets Two New Patents For Biobased Polymers, Industrial Chemicals Production]
MBLX is trading up 10.37% at $1.81 on Wednesday. The stock has been trading between $1.07 and $6.09 for the past 52 weeks.