Cereplast Inc. on Wednesday said that it had signed a multi-million dollar agreement with an Italian company that will make products using Cereplast’s bioplastic resins. It is Cereplast’s first such deal in that region.
Cereplast of El Segundo said that RI.ME. Masterbatch S.r.l., which is based in Mozzate, will use the resins to make colored plastic items such as carryout bags and compostable trash bags.
“This is a significant contract for Cereplast and we are honored to work with RI.ME., who is promoting increased market awareness and adaption of bioplastic/compostable solutions in Europe and helping us to increase our presence in this important geographic market,” Chief Executive Officer Frederic Scheer said in a statement.
Shares were up 16 cents, or 5 percent, to $3.42 in midday trading on the Nasdaq.