Finnish Packaging Provider Huhtamaki Seeks to Terminate Joint Venture with US-Based EarthShell Corp.
- January 02, 2004, PRESS RELEASE
ESPOO, FINLAND—Huhtamäki reports it has initiated procedures to terminate its joint-venture with the U.S. packaging technology company EarthShell Corporation.
According to the Finland-based and global manufacturer of consumer packaging, the joint-venture was established in 1999 to manufacture and market biodegradable food-service packaging using EarthShell's proprietary technology in Europe and, potentially, in parts of Asia. "The development of the manufacturing process, which is at the responsibility of EarthShell Corporation, has been repreatedly delayed against original projections," states Huhtamäki's press release, and adds, "[The company] has not made material investments in the joint-venture and faces no write-off charges on termination."
For more information, please contact Huhtamäki Oyj's group general counsel Juha Salonen at +358-9-6868 8380. Visit Huhtamaki at huhtamäki.com.