US-based MGP Ingredients has announced that bioscience social enterprise Green Dot acquired its bioplastics division for an undisclosed value.
Green Dot will acquire a manufacturing facility in Onaga, Kansas, and certain assets at the company's research and development facility in Atchison.
The acquisition also includes three lines of bioplastic materials that are currently sold by MGP under the Terratek brand name. The line includes wood-based bioplastics, starch composites and biodegradable starch-based resins.
According to MGP, the addition of the lines will allow Green Dot to address a range of consumer needs with both bio-based and compostable bioplastic materials.
Green Dot CEO Mark Remmert said the acquisition will enable the company to better serve its customers with a broad range of materials.
"The synergy of the two companies' assets will be leveraged to capitalize on the rapid growth predicted in the U.S. bioplastics market," Remmert said.
