US-based biodegradable plastics manufacturer Casey Container has signed a stock purchase agreement with Aruba Brands, which is worth about $1.5m.
As part of the deal, Aruba will acquire Casey’s issued and outstanding common shares equal to 19.9%.
Both the companies also signed a multi-year product purchase agreement previously, in which Casey will supply Aruba Brands with biodegradable PET preforms for its high-end bottled water.
Casey Container CEO and president Martin Nason said recently the company has established arrangements with several major bottle blow molders and manufacturers of PET preforms and other plastic resin products.
"We also continue to have discussions with dozens of domestic and international companies interested in EcoPure® and eager to contract with Casey Container for their biodegradable product packaging needs," Nason added.
Casey Container designs and manufactures biodegradable PET, HDPE and other plastic polymer preforms, bottles and containers, which can be used in the bottled water, beverage and consumer products industries.