26th Jul 2005 07:00
Stanelco PLC26 July 2005 26th July 2005 Stanelco plc ("Stanelco" or "the Company") Biotec Joint Venture wins €20m annual order from SP Metal S.A. ("SP Metal") Stanelco, the RF (radio frequency) applications group is pleased to announcethat it has received a conditional commitment from SP Metal its Joint Venture ("JV") partner in Biotec for an annual purchase of approximately 10,000 metrictonnes of Biotec's biodegradable pellet worth in excess of €20m per year. As a result, Stanelco and SP Metal have agreed to increase Biotec's productioncapacity of biodegradable pellets to 12,000 metric tonnes by an investmentprogramme in new processing equipment valued at €4.5m. Full production isanticipated within six months. The purchase of Biotec Holdings and the JV with SP Metal is subject toshareholder approval. Ian Balchin, CEO of Stanelco plc commented: "We are delighted to receive this commitment from SP Metal which demonstratesthat the market for starch based polymers is set for significant growth. We lookforward to the prospect of completing the acquisition and JV agreement in thenext few weeks." A fuller announcement will follow when specific details of the order arefinalised. Ends For further information please contact: Ian Balchin, Chief ExecutiveStanelco PLCTel: +44 (0)2380 867100 Jonathon Brill/Billy CleggFinancial DynamicsTel: +44 (0)20 7831 3113 Notes to Editors: About Stanelco plc The Stanelco Group of companies (the Group) has brought together expertise inradio frequency (RF) technology, RF applications and biodegradable materialsciences to create a revolutionary range of packaging technologies. Stanelco's philosophy is that new products and processes must offer solutionsand applications which: • give higher added value, • are greener, more environmentally sustainable than those they replace • and have protectable intellectual property rights. Stanelco will develop the products and processes to a demonstration stage andthen work with partners in order to reach the markets; and under thesecircumstances Stanelco will usually seek to license its technology. Stanelcoinvests considerable time and resources in ensuring its technologies areprotected via layers of patents wherever possible. In this way Stanelco believes it can minimise commercial risk and preserve thehighest value for shareholders. The products offering the prospect of near term revenue generation are beinggiven priority over the Group's resources. Stanelco was founded in 1953 and is a world leader in the development of radiofrequency technologies for processing polymers for edible and packagingapplications and the design and manufacture of optical fibre technology,induction heating and dielectric welding equipment. Stanelco's Currentdevelopments include GREENSEAL(TM) Food tray lidding technology, STARPOL(TM)(starch / pva blended material), FrogPack(TM) high impact low cost packagingformat, CradleWrap(TM) range of biodegradable air cushion packaging,Solutape(TM) 100% watersoluble films and adhesives, Biodegradable Airbag (voidfill) packaging, water-soluble detergent capsules, edible sachets and wastepacking. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Biome Tech