After completing the divestiture of the cellulose film business, Innovia Films has stated that its realignment strategy focuses on establishing and strengthening its BOPP film business.
Earlier this year, Innovia Group reached an agreement to sell its cellophane business and assets to Futamura Chemicals, a Japanese plastic and cellulose film manufacturer.
With the completion of the transaction, Innovia will continue to work hard to focus on its main global core markets, namely high-performance advanced polymer products for labels, packaging, tobacco and security films. Innovia Group produces polymer banknote products through Innovia Security.
Joe Piccione, Managing Director of Innovia Films, explained: “It is a challenge in itself to separate a company that has been developed for more than 80 years. Achieving this goal in such a short period of time is commendable for everyone involved in the process. We are very satisfied with the results of this process for our cellulose film employees and customers.
'We have always been a specialty film company, accounting for more than 80% of our sales. In addition to our unique and customized bubble extrusion process, one of our core strengths is surface engineering. We are experts in customizing films according to customer requirements, whether it is barrier properties, thickness, printability, shrinkage tightening, extrudability, or fast sealing films to optimize performance.
'Looking forward, we have sufficient investment, so we will pay close attention to how we build our manufacturing capabilities and maximize our R&D and technical expertise. This is to continue to provide our existing and new customers with new and exciting product solutions. The divestiture of our cellulose film business allowed us to clearly focus on strategically developing our BOPP business.
Internally, Innovia is undergoing a restructuring to ensure that its BOPP focus is fully aligned across the business, people, services and systems.
"In order to effectively split the cellulose film business, some employees in our shared service areas (sales, accounting, marketing, customer service, IT, etc.) have been transferred to new owners," Piccione added. "This provides us with an ideal opportunity to re-evaluate our organizational structure based on our strategy to ensure that we enhance, strengthen and improve these and other key service functions."
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