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CJ BIO and NatureWorks say the goal of the agreement is to develop high-performance biopolymers that will replace fossil fuel-based plastics.

The increase will become effective in June 2022.

The plant is dedicated to manufacturing low-density polyolefin shrink film for shrink sleeve labels and tamper-evident applications.

 Demand in the food and beverage segment is expected to grow by 1.6 times and the U.S. will account for nearly 18.3%.

The new funding will allow the company to launch its new platform to help brands connect directly with consumers.

The goal is part of the company's One Planet. One Health program.

The silicone coater will be installed in the second quarter of 2023.

The company says venture capital will focus on categories like sustainability and circular economy solutions, digital printing, business and manufacturing automation as well as services for brand owners.

Fox previously held senior level positions with the United States Air Force National Guard, Sappi North America and Madison Paper in a support role for the international company Myllykoski.

Network Distribution’s Corporate Account Supplier of the Year recognizes the manufacturer partner that is “most highly engaged in cooperative selling to create a strong position with the organization’s distributor base.”