Bioplastics supplier TerraVerdae Bioworks to acquire PolyFerm Canada
Canadian PlasticsCanadian Plastics Materials Sustainability
The deal expands TerraVerdae's PHA technology portfolio to create new biodegradable bioplastic products.
In an all-Canadian deal, bioplastics supplier TerraVerdae Bioworks Inc. is acquiring 100 per cent of the equity of material science firm PolyFerm Canada.
The financial terms of the transaction have not been disclosed.
Headquartered in Kingston, Ont., PolyFerm develops medium-chain-length polyhydroxyalkanoates (MCL-PHA). Branded as “VersaMer PHA,” they’re a family of biodegradable thermoplastic elastomers made from renewable resources such as sugars and vegetable oils. “They are semi-crystalline elastomeric materials possessing excellent elongation-at-break, water-resistance, and gas barrier properties,” TerraVerdae officials said in a Jan. 25 news release. “The latex form may be used in coatings and paints.” The materials are also biocompatible, the release said, making them good candidates in the fields of biomedical and tissue engineering.
TerraVerdae is headquartered in Edmonton.
“The addition of PolyFerm’s capabilities and know-how represents a significant opportunity for [us] to advance new and valuable solutions to help the world develop sustainable plastic solutions that can reduce its carbon footprint,” said TerraVerdae CEO William Bardosh. “[It will] strengthen [our] core capabilities and enhance [our] ability to produce biopolymers and resins for a wider range of applications, including for films, coatings, and adhesives.”
As part of the acquisition, PolyFerm president Dr Bruce Ramsay will join TerraVerdae to help expand its PHA technology development programs.
The transaction is anticipated to close in the second quarter of 2022.
TerraVerdae was founded in 2009, and operates product development and pilot-scale production facilities in Edmonton and in Charlottetown, P.E.I.