Buscar acquires 50% ownership in bioplastic technologies company Terramer
Shares were issued to Terramer's existing stakeholders as part of the agreement, which enables both companies to align their strategic interests without cash expenditure.
The share-based acquisition structure fosters long-term collaboration. It also positions both companies to focus on mutual expansion objectives.
This acquisition adds Terramer's patented technology and revenue outlook to Buscar's growing portfolio.
The partnership targets issues such as plastic waste and environmental degradation.
Terramer produces TERBO-1000, a patented bioplastic made from hemp, which is reported to safely decompose within 180 days.
The material, designed to serve as a substitute for conventional plastic products, is said to break down without leaving microplastic residue.
The company operates a production site of 350,000ft² with a capacity of 300 million pounds annually. It has secured confirmed orders totalling $6.8m to date.
In addition, it holds more than $80m in signed letters of intent with leading consumer brands.
The two companies plan to advance development and market access for TERBO-1000. Their focus includes industries such as foodservice, automotive, and construction.
The partnership supports Buscar's intention to integrate sustainability-focused ventures into its holdings. It also reflects the growing demand for alternatives to fossil-fuel-derived plastics.
Buscar Company chair and CEO Alexander Dekhtyar said: 'Acquiring a significant stake in Terramer represents a transformative milestone for Buscar.
'By combining Terramer's groundbreaking bioplastic technology with our financial and operational strengths, we're positioned to lead the charge in eliminating microplastic pollution while delivering value to shareholders and the planet.'
With Buscar's acquisition, Terramer aims to boost production capacity and enhance its research and development capabilities to develop custom formulations.
Terramer CEO Paul Leslie Smith said: 'Partnering with Buscar accelerates our mission to redefine sustainable materials. Their resources and strategic vision will help us bring TERBO-1000 to a global scale, tackling plastic pollution head-on.'
"Buscar acquires 50% ownership in bioplastic technologies company Terramer" was originally created and published by Packaging Gateway, a GlobalData owned brand.
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