Innovia, the United Kingdom-based manufacturer of high-tech films, is refocusing its strategy to strengthen its speciality biaxially oriented polypropylene (BOPP) films business.
Three months after selling its Cellophane business to Japanese packaging firm Futamura Chemicals, Innovia said it was concentrating its efforts into primary global core markets — high performance advanced polymer solutions for labels, packaging, tobacco and security films.
Internally, Innovia said it was restructuring “to ensure that its BOPP focus is fully aligned throughout the business, people, service and systems.”
Innovia Films managing director Joe Piccione, said: “Separating a business that has grown over 80 plus years is a challenge in itself. Achieving that in such a short time frame is commendable to all those involved in that process. We are exceptionally pleased with the outcome of this process for our cellulose film employees and customers.
“We have always been a specialty films business which represents over 80 percent of our sales. In addition to our unique and bespoke bubble extrusion process, one of our core strengths is surface engineering.”
Innovia is providing the polymer substrate for the new U.K. five pound banknote, which comes into circulation in September, and the new 10 pound banknote, which is due to be issued in September 2017.
Piccione added: “In order to effectively split out the cellulose film business, some employees from our shared services areas — sales, accounting, marketing, customer services, IT — have transitioned to new owners.
“This has provided us with an ideal opportunity to re-evaluate our organizational structure in line with our strategy, to ensure that we augment, reinforce and improve these and other key service functions.”