Sustainable Packaging Merger Proposed
Cardia Bioplastics, which manufacturers compostable resins, films, bags and custom finished products, has proposed a merger with Stellar Films Group in a move to create a leading sustainable packaging company, reports Manufacturersâ€™ Monthly.
Under the terms of the proposal, Cardia Bioplastics will acquire all of the shares and units issued in Stellar Films and issue ordinary shares in Cardia Bioplastics to the owners of Stellar Films.
Following completion of the merger, Cardia shareholders will own 42 percent of the merged group and the owners of Stellar Films will own 58 percent of the merged group.
The two companies originally partnered to produce environmentally friendly films for the global personal care and hygiene products industry, for products including diapers (pictured).
The bioplastics market will reach a market value of $3.94 billion this year, according to an October report from Reportbuyer.
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