Bioplastic, Company initiatives, Investments, Press Release

Metabolix rejects Cellulac merger proposal

I can’t really write any long posts this week due to tight newsletter deadline but I just saw a confirmation from UK-based Cellulac that it has proposed a merger to Metabolix, which was then rejected.

Last week, Metabolix announced that it is closing its biopolymers (PHA-based) business with a layoff of around 45 positions (50% of current workforce). Metabolix said it will focus instead on its new core business, Yield10 Bioscience.

You can read all about it in this link:  Metabolix Announces New Strategic Direction: Yield10 Bioscience to Become Core Business, Biopolymers Operations to be Wound Down.

Cellulac’s CEO posted today on its website that its proposal was worth $40 million in assets and $38 million in offtake agreements. The proposed merger was a 50/50% share for share basis with Metabolix.

You can read all of the Cellulac proposal on this link: Cellulac formally requests Metabolix shareholders to consider merger proposal 

I am writing a more comprehensive analysis of these activities in Tecnon OrbiChem’s July Biomaterials newsletter.

About Doris de Guzman

Will Green Chemistry save the world or is it hype? Doris de Guzman examines alternative processing, new technology, R&D and other sustainability initiatives aimed at preventing pollution; replacing ingredients; and using renewable feedstocks in Green Chemistry. She has been covering the oleochemicals market for 15 years and spread her beat to inorganics, biofuels and green chemistry.

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