Prodplast received grants totaling EUR950,000 from Iceland, Liechtenstein and Norway for this project.
The Romanian company signed a collaboration agreement with Norway’s BioBag for an exchange of know-how and the export of compostable products manufactured in Romania.
The involvements will allow Prodplast to manufacture compostable bags for supermarket produce, thin compostable foil for diapers and agricultural-grade foil. The products are made from corn starch grains, a quickly renewable raw material.
SIF Oltenia owns 27.5% of Prodplast, while Nord SA owns nearly 33% and the rest of its share capital is traded freely on the Bucharest Stock Exchange.
Prodplast seeks to buy back 9.9% of its shares to lower its share capital.