Japan’s Oji Holdings Corp on Tuesday said it has agreed to buy 33 percent of peer Mitsubishi Paper Mills Ltd as the pair seek to drive down costs in the face of competition from Asian rivals and consumers’ shift to digital media. Oji will buy newly issued shares in Mitsubishi at 726 yen each for a total of around 7.6 billion yen ($69.68 million), the companies said in a joint statement. Mitsubishi Paper shares closed on Tuesday at 719 yen. They said they plan to cut costs by cooperating on logistics and sharing raw materials purchases. Click read more below for additional detail.
Kotkamills has been announced as one of the winners in the global innovation initiative NextGen Cup Challenge, launched by the NextGen Consortium that advances the introduction of food packaging alternatives. Kotkamills sees this recognition as a confirmation for its commitment to revolutionize paper cup production and recycling with its plastic-free next-generation barrier board solutions.
Worldwide people want to be less dependent of plastic and Kotkamills supports that development with alternative food service and packaging solutions to disposables that contain plastic. Its Game Changer Cup is one of the 12 awarded solutions that push the boundaries of sustainable design and material innovation. The challenge was joined by 480 teams from around the world.
The NextGen Consortium is a multi-year, multi-industry global consortium that aims to advance the design, commercialization and recovery of food packaging alternatives. The NextGen Cup Challenge is its first initiative, which calls on innovators, start-ups, suppliers and industry experts to join a global challenge to develop the next generation of recyclable, compostable, hot and cold, to-go, fiber cups. Both the Consortium and Challenge are managed by Closed Loop Partners, with Starbucks and McDonald’s as Founding Partners, The World Wildlife Fund as an Advisory Partner, and The Coca-Cola Company, Yum! Brands, Nestlé and Wendy’s as Supporting Partners.
Kotkamills is excited and honored by its success in this ground-breaking challenge. The recognition further fuels the company’s passion and relentless drive for developing and offering plastic-free solutions for food service and packaging applications.
“Today consumers and companies actively seek solutions that make the world less dependent on plastic. We have created a plastic-free, easily recyclable and biodegradable raw material for disposable paper cups, and we are thrilled by this opportunity to work with global brands in order to make a difference one cup at a time. We are passionate about Changing the Game and it is inspiring to co-operate with partners who share that ambition,” says Kotkamills CEO Markku Hämäläinen.
more at: http://www.kotkamills.com/!file/!id2513/files/attachment/KotkamillsNextGenCupChallengepressrelease.pdf