Struggling bioplastics maker Cereplast Inc. on Tuesday said that it plans to move its headquarters from El Segundo to Seymour, Ind. and make other changes in order to turn profitable.
The company, whose resins are used to make disposable food containers and similar packaging, said that restructuring global operations is expected to reduce annual operating expenses by $600,000 to $800,000 a year. The company plans to use the money saved for working capital to service new clients and to grow organically.
In addition to moving its corporate headquarters to Indiana, where it has operations, Cereplast is moving its European headquarters to its office in Milan, Italy and close the office in Bönen, Germany.
"The global economy has fundamentally changed and we are quickly adapting our market approach and operations to maintain and build upon our competitive advantage," Chief Executive Frederic Scheer said in a statement.