Innovia, the Cumbria-headquartered specialty films manufacturer, is selling off its Cellophane business and assets to Futamura Chemicals Co. Ltd (Nagoya, Japan). Futamura is a manufacturer of plastic and cellulose films, primarily servicing the food packaging industry. The deal is expected to complete on or before June 30.
The company will continue to deepen its focus on its fast-growing and world-leading polymer bank note business and on investing in product development for core and new markets for its differentiated 'double bubble' biaxially oriented polypropylene (BOPP) films business.
"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,” said Mark Robertshaw, Chief Executive of Innovia Group. “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."
Innovia is a provider of technologically advanced polymer banknote substrate and by the end of 2016 will have manufactured more than 50 billion Guardian banknotes for central banks around the world. 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.
"The acquisition of the Innovia's Cellophane business will enhance our product range and presence across the globe,” said Yasuo Nagae, President of Futamura Chemical Co., Ltd. “It supports our ambition to serve our key customers through local manufacturing facilities offering the highest standards of delivery by experienced personnel.”