Biobased, compostable and sustainable bioplastics manufacturer Cereplast has announced an update on the restructuring of its global operations.
The company has completed the restructuring by relocating its corporate headquarters from California to its production facility in Indiana as of 1 June 2013.
Cereplast also relocated its European headquarters from Germany to its offices in Italy.
The closure of the California and Germany offices is expected to reduce annual operating expenses by $600,000 to $800,000.
Cereplast chairman and CEO Frederic Scheer said the company has been able to focus its resources on sales and manufacturing in taking the necessary steps to reduce its costs.
"We anticipate that the growth during the remainder of the year will be substantially higher than the first six months, pending the sanctions becoming fully effective in the fall of 2013," Scheer added.