Innovia sells Cellophane

Innovia Group, a leading manufacturer of high-tech film products for industrial applications and banknotes, has entered into an agreement to sell its Cellophane business and assets to Futamura Chemicals Co., Ltd. The deal is expected to complete on or before 30 June, 2016. 

 

Based in Nagoya, Japan, Futamura is a leading manufacturer of plastic and cellulose films, catering to the food packaging industry.  

 

Following the sale, Innovia will continue to deepen its focus on its fast-growing and world-leading polymer bank note business and on building on its market leading and differentiated ‘double bubble’ biaxially oriented polypropylene (BOPP) films business.

 

In the BOPP business, Innovia will continue its focus and invest on product development for its core and new markets. 

 

Innovia is well established as a leading provider of technologically advanced polymer banknote substrate and by the end of 2016 will have manufactured more than 50 billion Guardian® banknotes for central banks around the world. From its new facility in Wigton, Innovia will be manufacturing the new polymer banknote substrate for the Bank of England beginning with the £5 note due to be issued in September 2016 and the new £10 note in 2017.