Innovia sells Cellophane to Futamura Chemicals in effort to strengthen focus on films
Innovia Group has reached an agreement to sell its Cellophane business and assets to Futamura Chemicals, and will continue to deepen its focus on it films and polymer banknote products going forward.
Based in Japan, Futamura Chemicals is a manufacturer of plastic and cellulose films, principally servicing the food packaging industry. The deal is expected to complete on or before June 30.
Yasuo Nagae, president of Futamura Chemical, stated: ‘The acquisition of Innovia’s Cellophane business will enhance our product range and presence across the globe. 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.’
Mark Robertshaw, Innovia Group chief executive, confirmed Futamura as ‘an excellent long term owner’ for Cellophane, whilst explaining the importance of this ‘strategic step’ for Innovia. ‘In line with our strategy, we will continue to focus on building our polymer films and banknote business where we see significant growth potential.’
In films, where Innovia manufactures ‘double bubble’ BOPP, the company will continue to focus on and invest in differentiated product development for its core and new markets. In banknotes, Innovia provides a technologically advanced polymer substrate, and by the end of 2016 will have manufactured more than 50 billion Guardian banknotes for central banks around the world. From its new facility in Wigton, Innovia will be manufacturing the new polymer banknote substrate for the Bank of England beginning with the £5 note due to be issued in September 2016 and the new £10 note in 2017.
‘The benefits of our polymer technology for banknotes have proven to reduce counterfeiting levels significantly and to reduce substantially the lifetime costs to central banks which we expect will continue to drive long term demand for polymer banknotes across the globe,’ added Robertshaw.