The struggling maker of a PHA-based additive to boost the properties of recycled PVC has sold its plastics business. Massachusetts-based Metabolix will now focus on its crop yield technology.
The company reported it sold its biopolymers business to CJ CheilJedang for $10 million. CJ CheilJedang is a South Korean company that makes food and pharmaceuticals and is involved in biotechnology.
Metabolix’s previous portfolio of technologies included additives and bio-plastics based on PHA (polyhydroxyalkanoates), which are chemically similar to polyester. The i6003 additive boosts tensile toughness and strength in flexible PVC products when added to 100 percent recycled PVC or recycled-virgin blends.
Founded in 1992, the publicly traded company has struggled financially and announced it was looking for a buyer for its bio-polymers business. It has already ceased production at its pilot facility.
