Cereplast moving headquarters to Indiana

By Frank Esposito
Senior Staff Reporter

Published: May 7, 2013 12:56 pm ET
Updated: May 7, 2013 12:58 pm ET

Related to this story

Topics Materials, Sustainability, Materials Suppliers

EL SEGUNDO, CALIF. — Bioplastics maker Cereplast Inc. is moving its headquarters from California to Indiana in a move that will save the firm at least $600,000 per year.

Cereplast's current headquarters site in El Segundo, Calif., will be closed in favor of Seymour, Ind., where the firm operates a bioplastics plant. Cereplast also is moving its European headquarters from Bonen, Germany, to Milan, Italy, resulting in the closure of the Bonen office.

Both moves were announced by in a May 7 news release.

"After a thorough analysis, we determined that it would be prudent to consolidate our operations under one roof in the USA and under one roof in Europe," Chairman and CEO Frederic Scheer said.

Preliminary first-quarter revenue for Cereplast was between $900,000 and $1 million — exceeding the firm's total sales for full-year 2012. Almost two-thirds of Cereplast's first-quarter sales came from Italy, where merchants now are required to discontinue the use of traditional single-use plastic bags in favor of bioplastic bags or other alternatives.

Cereplast is looking to recover from 2012, a year in which the firm lost more than $10 million on sales of $900,000. The firm missed two debt payments during the year.

Recent growth initiatives for Cereplast include increased sales from India — where government officials are trying to curb plastic pollution — and commercialization of a bioplastic made of 51 percent algae biomass.

Cereplast's per-share stock price was just over 2 cents in early trading May 7. The price had been near 6 cents in early February.


Comments

Cereplast moving headquarters to Indiana

By Frank Esposito
Senior Staff Reporter

Published: May 7, 2013 12:56 pm ET
Updated: May 7, 2013 12:58 pm ET

Post Your Comments


Back to story


More stories

Image

2014 leaves some resin firms in the black while others struggle

January 23, 2015 2:37 pm ET

On the financial side, 2014 was good for Hexcel Corp., so-so for Celanese Corp. and it could have been better for Omnova Solutions.    More

Image

Clariant's ColorForward predicts future consumer trends

January 23, 2015 1:33 pm ET

Clariant International Ltd. is marking a decade of color forecasting with the 10th edition of its ColorForward program.    More

Image

The future for PolyOne is colorful

January 23, 2015 1:28 pm ET

PolyOne Corp. is writing four color stories for 2016.    More

Image

Mexico's Polymer Solutions looks to grow, expand offerings with name change

January 23, 2015 12:03 pm ET

British biodegradable additives developer Symphony Environmental Technologies plc's Mexico distributor has changed its name from Plásticos...    More

Image

Recycling Partnership coalition kicks off its initial curbside project

January 22, 2015 3:51 pm ET

The Recycling Partnership's inaugural effort to boost curbside recycling around the country kicked off this week in Columbia, S.C.    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events