Innovia Sells Cellophane Business to Futamura

WIGTON, CUMBRIA. UK | Innovia Group, the global supplier of high-tech film products for industrial applications and banknotes, announces an agreement to sell its Cellophane business and assets to Futamura Chemical Co. The deal is expected to complete on or before June 30, 2016. Based in Nagoya, Japan, Futamura is a manufacturer of plastic and cellulose films, principally servicing the food packaging industry

Innovia says that, following the sale, it will continue to deepen its focus on its fast-growing polymer bank note business and on building on its “double bubble” biaxially oriented polypropylene (BOPP) films business. In the BOPP business, Innovia will continue its focus and investment on differentiated product development for its core and new markets. From its new facility in Wigton, Innovia will be manufacturing the new polymer banknote substrate for the Bank of England beginning with the £5 note due to be issued in September 2016 and the new £10 note in 2017.

Mark Robertshaw, chief executive of Innovia Group, says, “The sale of our Cellophane business is an important strategic step for Innovia. Futamura is an excellent long-term owner for Cellophane, with its core business focused on cellulose and plastic films. In line with our strategy, we will continue to focus on building our polymer films and banknote business where we see significant growth potential. In particular, the benefits of our polymer technology for banknotes have proven to reduce counterfeiting levels significantly and to reduce substantially the lifetime costs to central banks which we expect will continue to drive long term demand for polymer banknotes across the globe.”

Yasuo Nagae, president of Futamura Chemical Co., says, “The acquisition of Innovia’s Cellophane business will enhance our product range and presence across the globe. It supports our ambition to serve our key customers through local manufacturing facilities offering the highest standards of delivery by experienced personnel. We look forward to welcoming Innovia’s Cello employees into our family.”

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