Cardia Bioplastics secures supply contract with global consumer products company
Cardia Bioplastics has secured a $500,000 per annum supply contract with a global consumer products company, to provide Cardia Compostable bags as part of its consumer product offering.
Cardia Bioplastics Limited (ASX: CNN) is pleased to announce that it has secured a $500,000 per annum supply contract with a global consumer products company, to provide Cardia Compostable bags as part of its consumer product offering. The contract win is an important achievement for Cardia and adds another leading global brand to the Company’s customer portfolio.
The supply contract provides Cardia with a strong revenue stream and exposure to that company’s extensive retail channels.
The new consumer product is expected to go to market in November this year. The Cardia Compostable bags will be used in conjunction with one specific product line, to encourage environmentally-friendly waste disposal practices. The contract opens up significant future growth opportunities for Cardia because the relationship has the potential to expand into other product channels.
The contract win is a significant development for Cardia. Involvement with such a high profile consumer goods company provides Cardia and its products with exposure to a substantial number of potential new global customers. It also provides further validation of the commercial appeal of Cardia’s patented technology, holding it to the highest standards for performance, quality and safety.
Managing Director of Cardia Bioplastics, Dr Frank Glatz, commented:
“Cardia has entered an exciting period of business development, transitioning from product development to global commercialisation – a timely move, considering the global shift towards green economies is gaining significant traction. Individuals, companies and Governments are looking at ways to reduce their impact on the environment, and with a patented portfolio comprising a number of renewable resin technologies, Cardia is well-placed to capitalise on this trend.
“This latest contract win with the consumer goods major is further commercial validation of our resin technologies and the significant role they can play in helping companies to reduce their carbon footprint.”