SECOS completes strategic review, resolves to cease its Australian film manufacturing operations

Highlights:

  • Following completion of its strategic review into its wholly owned subsidiary Stellar Films Australia (SFA), SECOS will commence the orderly cessation of its Australian film manufacturing operations.
  • The Company expects to achieve significant operating and overhead cost savings through transferring SFA customers to its Malaysian operations. Once this transition period has passed, SECOS expects to achieve an improvement to net profit after tax of more than $0.9 million per annum.

Chinese and Australian Officials Visit SECOS’ Chinese Operations in Show of Support For Bioplastics Producer

Highlights:

  • Chinese and Australian key government stakeholders visit SECOS’ environmental bioplastics operations in Nanjing, China in a sign of support for the Group’s operations.
  • SECOS’ recently appointed General Manager of Chinese operations, Mr Leo Lu, sees opportunities for further growth and investment with the Nanjing plant now running at high capacity utilisation.
  • SECOS’ Chinese operations are key to the Company’s corporate strategy in meeting ongoing growth in international demand for compostable and biodegradable plastics.