Metabolix Signs Distribution and PHA Supply Agreements with Tianjin GreenBio Materials Co., Ltd.
Metabolix to Distribute Tianjin GreenBio's SoGreen™ Heat
Shrink Film in the U.S. and Europe
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Metabolix, Inc. (NASDAQ: MBLX), an innovation-driven bioscience company
focused on delivering sustainable solutions for plastics, chemicals and
energy, today announced that it has entered into a distribution
agreement with Tianjin GreenBio Materials Co., Ltd. ("GreenBio"), a
biomaterials company based in Tianjin, China. Under the terms of the
agreement, Metabolix will distribute GreenBio's SoGreen™ heat shrink
film in Europe and will be the exclusive distributor in the Americas. In
addition to a distribution relationship, Metabolix and GreenBio have
also signed a supply agreement for PHA biopolymers. Under the
arrangement, GreenBio will supply PHA resins to Metabolix, which will
extend the range and availability of the Company's PHA products.
"Tianjin GreenBio has developed a heat shrink film based on PHA
biopolymers. This product complements our product slate aimed at film
and bag applications and we expect will be of interest to customers in
the U.S. and Europe seeking biobased materials and biodegradable
performance," said Bob Engle, vice president, business and commercial
development, biopolymers, at Metabolix. "With products and technology
that are complementary, the distribution and PHA supply agreements mark
a first step toward potentially working with Tianjin to develop
additional PHA biopolymer products."
Tianjin GreenBio offers two grades of heat shrink film that are used to
bind together items for packaging, shipping, and storage. One SoGreen
product is designed to replace non-compostable PVC film often used to
package boxed goods, software and other non-edible products. The other
is designed to replace softer polyethylene films, also not compostable
and often used for wrapping multiple items, often bulky and irregular in
shape, such as packs of bottled water. The SoGreen heat shrink film
resins (2001 and 3001) are certified by DIN CERTCO to meet the EN 13432
standard for compostable plastics.
"We are excited to work with Metabolix to gain greater exposure for our
products in the Americas and Europe," said Dr. Lu Weichuan, chairman and
president of Tianjin GreenBio. "Metabolix has extensive experience in
biopolymers, and we look forward to working together to build the market
for PHA-based biopolymer products."
About Tianjin GreenBio Materials Co., Ltd.
Tianjin GreenBio Materials Co., Ltd. ("GreenBio") is dedicated to the
development, production and sale of fully degradable biobased polymer
materials from PHA. GreenBio has established a production base for PHA
in Binhai District, Tianjin, China with a design capacity of 10 KTPA.
GreenBio's vision is to promote the use of fully biodegradable materials
in people's lives and to reduce the depletion of oil resources in order
to effectively decrease greenhouse gas emissions and make contributions
to the sustainable development of society. For more information, please
Metabolix, Inc. is an innovation-driven bioscience company delivering
sustainable solutions to the plastics, chemicals and energy industries.
Metabolix is developing and commercializing a family of high-performance
biopolymers targeted to the markets for film and bag applications,
performance additives and functional biodegradation. Metabolix's
biobased chemicals platform utilizes its novel "FAST" recovery process
to enable the production of cost-effective, "drop-in" replacements for
petroleum-based industrial chemicals. Metabolix is also developing a
platform for co-producing plastics, chemicals and energy from crops.
Metabolix has established an industry-leading intellectual property
portfolio that, together with its knowledge of advanced industrial
practice, provides a foundation for industry collaborations.
For more information, please visit www.metabolix.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. The forward-looking statements in this release do
not constitute guarantees of future performance. Investors are cautioned
that statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding
expectations for Metabolix sales, marketing and product development,
constitute forward-looking statements. Such forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated and are
detailed in Metabolix's filings with the Securities and Exchange
Commission. Metabolix assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Media and Investor contact:
Lynne H. Brum,
Schwartz MSL Boston
Keith Giannini or Kirsten
Source: Metabolix, Inc.
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