SAN DIEGO — Salim Chemical Group Pte. Ltd. may provide $5 million for a joint venture to advance Planet Polymer Technologies Inc.'s crop-based alternatives to conventional plastics throughout Asia.
Planet Polymer would provide the technology and own 50 percent of the venture, which is ``expected to provide an immediate technology corridor for [our] agro-related Envirocoatings,'' said Robert Petcavich, Planet Polymer chief executive officer.
Salim Chemical and Planet Polymer said Dec. 17 they have entered into a nonbinding memorandum of understanding for the project. A formal agreement may take another six months.
Salim Chemical, a unit of the Jakarta, Indonesia-based conglomerate Salim Group, would have an option to buy 10 percent equity in Planet Polymer. Salim Group employs more than 200,000 and reported sales of $20 billion for 1995.
Planet Polymer, a San Diego-based specialty chemical company, employs 50 and recorded a loss of $1.8 million on sales of $2.5 million for the nine months ended Sept. 30.
Planet Polymer targets its engineered polymer materials for use in the personal hygiene, food packaging and medical disposables industries.