Toray Industries and Bimo S.P.A. Have Agreed to Join Forces in the Development of High Barrier Metallized OPP Films for Sale Into the Worldwide Packaging Market.
NORTH KINGSTOWN, R.I.--(BUSINESS WIRE)--Dec. 8, 2000
Toray Industries, Inc. (Tokyo, Japan) and Bimo S.P.A., (Atessa, Italy) have concluded an OEM and a Joint Development agreement for the manufacture and sale of high barrier metallized OPP film (biaxially-oriented polypropylene film). The agreement covers the manufacture of Toray's proprietary metallized products for sale into major food companies in Europe as well as the joint development of next generation metallized barrier products utilizing a revolutionary new orientation process owned by Bimo. The OEM and Joint Development agreements were signed in September, 2000.
Toray Plastics (America), Inc., (North Kingstown, RI), a wholly owned subsidiary of Toray Industries, currently has a 68% market share in metallized film used in the North American flexible packaging market. Responding to requests by the company's largest customers, Toray has recognized the need to expand global sales of its high barrier films into Europe. Bimo offers Toray an Italian based manufacturing site from which to produce high quality films to compete in this area. Under the terms of the OEM agreement, Toray will provide technical support to Bimo for the production of Toray specification products, and will supply OEM produced products to its customers in Europe.
In addition to providing a European manufacturing site, Bimo also brings to the partnership a significant investment in developing the latest state of the art film making process, SOL (Simultaneous Orientation Line). Both companies believe this process will allow for the development of significantly improved metallized OPP films which will offer enhanced barrier, improved durability, greater dimensional stability, higher yields and superior productivity. The scope of this program may be enhanced to include other new revolutionary film technologies.
Based upon the agreement between Toray and Bimo, Toray will have access to Bimo films for sales of selected Bimo films into the Japanese and North American markets. Toray is today operating the OPP films business under the Torayfan(R) brand name with operations in Tsuchiura, Japan (1500 tons/month capacity) and in North Kingstown, Rhode Island (3100 tons/month capacity). With the addition of the Bimo OEM in Europe (4100 tons/month), Toray now has a global presence in Japan, the USA and Europe.
Toray Plastics (America), Inc. is a leading manufacturer of polyester and polypropylene films for magnetic, industrial and capacitor applications as well as flexible and rigid packaging. The company is a subsidiary of Toray Industries, Inc., the world leader in synthetic fibers and textiles, carbon fibers, plastics, chemicals, pharmaceuticals and high performance films, with annual sales of $10 billion. For more information contact Toray Plastics (America), Inc., 50 Belver Avenue, North Kingstown, RI 02852-2596. Phone: (401) 294-4511. Fax: (401) 294-1480.
BIMO S.P.A. Head Office: Atessa (Chieti) -- c.da Saletti-Z.I. (central Italy) President: Dr. Massimo Francalanci Capital: 21 billion lire Business: Manufacture and sales of OPP films Capacity: 4100 tons/month