UK-based producer of high-tech film products Innovia Group is seling its Cellophane business unit to Futamura Chemicals Co., major Japanese manufacturer of plastics and cellulose films for the food packaging industry in a deal due to complete in June.
Innovia has decided to focus on the polymer bank note business. The firm says that by the end of 2016 it will have manufactured more than 50 billion banknotes for central banks around the world. A plant recently built on the Wigton site will produce a new polymer banknote substrate, under the Guardian trademark, for the Bank of England beginning with a £5 note due to be issued in September 2016 and a £10 note in 2017.
Futamura is rated second in the world in terms of market share in cellulose films, which are made from plant-derived materials such as wood, with sales of 67.1 billion Yen (approximately US$ 631 million or Rs. 4,200 crore) in fiscal year 2014. Company president Yasuo Nagae sees the acquisition enhancing its global presence and says, “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.” The Innovia Cellophane business serving the food packaging, confectionery and twist wrap sectors had 2015 revenues of € 118 million (approximately Rs. 850 crore).
Packaging South Asia is the cooperating media partner for drupa 2016 which is scheduled to be held from 31 May to 10 June at Dusseldorf, Germany.