News

Packaging technology developer Stanelco said today (29 May) that commercialisation of its Greenseal product was "unlikely".

At one stage, the firm had enjoyed an exclusivity deal with Asda for the use of the radio frequency heat-sealing technology, but that was relaxed last year and now it has admitted the future for Greenseal looks bleak.

Stanelco’s plans to manufacture its Biotec materials in the US have also been placed on hold, the firm said today following a preliminary review of its operations by new chief executive Paul Mines, who joined the company in April.

It was originally expected that Stanelco would take half of the production capacity of the Biotec biopolymer, as would co-owner Sphere.

Stanelco said it planned to develop both sales and the product pipeline over the next 18 months as well as address patent challenges against Biotec’s products.

Stanelco has also sold almost £500,000 worth of assets of its Adept division to Monosol, which could lead to the licensing of the Aquasol FrogMat intellectual property.

Stanelco’s share price dropped more than 40% today following the announcement.