Cereplast Signs New Distribution Agreement With ColorTec
Agreement Reflects Continued Demand in European Marketplace
Cereplast, Inc. has extended its agreement with Italy-based ColorTec S.r.l to supply bioplastic resin to the Italian and Slovenian markets effective November 4, 2011 through December 31, 2012. Under the terms of the agreement, ColorTec is projecting to purchase $20 million of materials in 2012.
"With the signing of this significant agreement, ColorTec intends to purchase $20 million of product in 2012 and becomes Cereplast's main distribution partner in Italy," said Frederic Scheer, Founder, Chairman and CEO of Cereplast, Inc. "The expansion of this agreement reflects the increasing demand for our bioplastic products in Italy, where we have recently completed the purchase of a manufacturing plant, expected to start production in 2012. We look forward to continuing our already strong relationship with ColorTec to expand our footprint in Italy."
"We have been serving Southern Italy and will be broadening our reach to capture increasing demand in Northern Italy," stated Gaetano Paolillo, chief operating officer of ColorTec. "We find that Cereplast bioplastics provide superior properties compared to other bioplastic resins, providing better performance and improved strength. As such, we expanded our relationship with Cereplast."
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