BioAmber lands international green auto-parts deal
Nov 06, 2012 (Menafn - Pioneer Press - McClatchy-Tribune Information Services via COMTEX) --BioAmber Inc., a biochemical startup in Plymouth, says it will be a supplier to a Faurecia-Mitsubishi Chemical partnership making non-petroleum based plastics for automotive interiors.
Terms of the deal were not disclosed Tuesday, Nov. 6.
BioAmber will supply succinic acid made from plants to the partnership so that it can develop a polymer used for automotive parts such as door panel trim strips, instrument panels and console inserts, air ducts and door panel inserts, the company said.
Bio-succinic acids made from renewable plant material can substitute for succinic acids made from petroleum to help auto makers increase the recyclability of their vehicles and ultimately replace petroleum-based plastics, BioAmber said.
BioAmber last year registered with the U.S. Securities and Exchange Commission to raise up to 150 million in an initial public offering. Various venture capital and private equity groups have provided backing for the company to date.
Faurecia, headquartered in Nanterre, France, is the world's sixth-largest automotive equipment supplier with 22.5 billion in sales last year.
Tokyo-based Mitsubishi Chemical Corp. is Japan's leading chemical company and reported 40 billion in sales for the fiscal year ending March 2012.
Leslie Brooks Suzukamo can be reached at 651-228-5475. Follow him at twitter.com/suzukamo.
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