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.
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.
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.