Secos Group Limited produces sustainable packaging and was formed through the merger of Cardia Bioplastics and Stellar Films Group in April 2015.
Secos’ sales were up 39% on the prior year to $1.7 million and sales of bioplastic resin grew by 296%. The company is anticipating more strong growth on bioplastics.
Secos sarted production of its bioplastic resin at its new Malaysian bioplastic plant in July this year. The plant is 30,000sq ft. and located close to Malaysia’s largest port.
Their bioplastic resin has recently been supplied to major bag makers in Malaysia and this may become an important channel.
Bioplastics is expected to grow 15% annually and double to $6 billion by 2023.
SECOS Managing Director, Stephen Walters, said:
“The start of production from our new bioplastic resin plant in Malaysia was an exciting milestone for SECOS, which should enable us to meet growing demand for our resin products at improved margins. We will be ramping up production of both our Malaysia and China plants to keep pace with growing global demand. We are undertaking a review of our Australian subsidiary Stellar Films to identify how to best utilise the assets going forward, given our strategy to be a world leader in bioplastics.”
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