Richardson will join Wells Plastics as its sales and marketing director, with KCP partner, Andy Gregory, also joining the board as a non-executive director, while former Wells managing director, David Nelson, will retain a role at the company, as will technical manager, Andrew Barclay, and sales manager, Carl Birch.
Wells Plastics manufactures a variety of additive masterbatches, including antistatic, antioxidant, antimicrobial, biodegradable, and flame retardant products. The company has enjoyed 20% annual growth according to KCP, with that figure driven in large part by its oxobiodegradable product, Reverte, which is used to accelerate the natural degradation process of plastic into water, carbon dioxide, and biomass. Reverte has found particular success as an additive for plastic bags.
KCP said in a release that its investment will enable Wells to exploit the growth opportunities for Reverte, with a particular focus on the Middle East, Africa, and South America. Wells Plastics was incorporated on June 7, 1984.