Australian bioplastic manufacturer Plantic Technologies says whilst sales projections in 2007 didn't go according to plan, the projected sales are now taking place this year. In European operations changes to structure and its management team are also starting to deliver progress.
At Plantic's annual general meeting, held in Melbourne last week, Ian Wightwick, the company's chairman said with hindsight, sales projections, particularly in Europe for rigid sheet sales and in the USA for injection moulding resins, proved far too optimistic in terms of timing.
Wightwick says, "Not all in 2007 went according to plan as may be expected in a relatively new company expanding into new markets with new technology. In the case of the injection moulding resins, the projected sales are now taking place throughout 2008."
He adds, "As part of our ongoing drive to achieve higher quality standards, we have fitted state-of-the-art automated controls to achieve uniform gauge and effectively detect defects to our sheet line, and put in place tough quality control inspection and testing programs."
Highlights for 2007 outlined by the company included the appointment of Brendan Morris as new CEO and the partnership agreements with National Starch, Bemis and Dupont as well as a renegotiated agreement with Amcor.
Wightwick continues, "From the board's perspective, the due diligence carried out on Plantic, its intellectual property, products and manufacturing processes by each of these prestigious companies gave us renewed confidence in Plantic's technology, the commercial soundness of its intellectual property and the potential to find substantial additional profitable markets."
The company claims that following the launch of a higher clarity and tougher rigid sheet grade at Interpack this year, it is working with new customers to trial this new product in new applications.
Wightwick concludes, "Another initiative involves Plantic evaluating the potential to set up a new rigid sheet manufacturing plant in Europe to meet projected demand, improve the supply chain performance and save on freight costs from Australia."