Signs Supply Contract with Ricoy Supermercados in Brazil in lead up to FIFA World Cup
Annual contract to supply Ricoy Supermercados, one of Brazil's largest supermarket chains
Ricoy Supermercados initially trialled US$150,000 of Cardia Bioplastics bags over 4 months and successfully validated Cardia's product quality
Cardia Bioplasticos (Brasil) Ltda. set up resources and infrastructure to supply both resin and finished goods to the large Brazilian plastics and retail market
Cardia's Brazilian sales gaining traction in the lead up to the 2014 FIFA World Cup Brazil(TM) and Rio 2016(TM) Olympic and Paralympic Games
Ricoy Supermercados is one of Brazil's large regional supermarket chains operating 90 stores with more than 8500 employees in Brazil's premier state of Sao Paulo. Ricoy Supermercados, through its subsidiary Russi Supermercados ordered US$150,000 of Cardia Bioplastics bags over 4 months and successfully validated Cardia's product quality. An annual supply agreement has been executed with forecast of 5 Million Cardia Bioplastics bags (US$7OK) per month based on initial orders.
Brazil is South America's largest consumer market and the seventh largest globally. With the impending 2014 FIFA World Cup Brazil(TM), Rio 2016(TM) Olympic and Paralympic Games as well as changing legislation increasing demand for Cardia Biohybrid(TM) and compostable bags, Cardia's entry into the Brazilian market is well timed.
"We are very excited to be supplying Ricoy Supermercados," said Cardia Bioplastics Managing Director Dr Frank Glatz. "As one of Sao Paulo State's largest supermarket chains, we have entered the market working with a true leader."
"The opportunities for growth in Brazil are immense. Our team in Brazil is perfectly placed to continue to grow the business at such an exciting time," he said. "Working in Brazil, we recognise that having a local team who understands the culture and regulations is imperative to Cardia's success."
"Cardia Bioplasticos (Brasil) Ltda. under the leadership of Joao Paulo Mignot, Cardia's Managing Director Latin America, has set up resources and infrastructure to supply both resin and finished goods to the large Brazilian plastics and retail market."
The Ricoy Supermercados agreement follows further wins for Cardia Bioplastics having won major contracts in China including supplying Shanghai Pudong Council with its Biohybrid(TM) waste management products.
About Ricoy Supermercados
Ricoy Supermercaclos is a Brazilian supermarket chain operating primarily in the state of Sao Paulo. With revenues of BRL 1.8 billion, 90 stores and more than 8500 employees it ranks as fourth largest supermarket chain in the state of Sao Paulo and fifteenth largest in Brazil. Ricoy operates under the brands Supermercado Ricoy, The Most, Peri, Russi, Economax, The More and Honey Bread. Ricoy positioned itself as a supermarket that gives its customers a shop they trust, delivering quality, value and service. Russi Supermercados is a subsidiary of Ricoy operating 16 stores in the city ofluncliai and its surrounding region.
About Cardia Bioplastics Limited
Cardia Bioplastics Limited (ASX:CNN) develops, manufactures and markets its patented renewable resource-based materials and finished products derived from Cardia's proprietary technology for the global packaging and plastic products industries. The company holds a strong patent portfolio and its growth is fuelled by the global trend towards sustainable packaging. Established in Australia in 2002 as Biograde, the company Headquarters and Global Applications Development Centre is in Melbourne, Australia. The Product Development Centre and manufacturing plant for resins and finished goods is in Nanjing, China.
Cardia Bioplastics has offices in Australia, China, USA, Brazil and Malaysia, and a network of leading distributors across the Americas, Asia and Europe.
Cardia Bioplastics Limited