Huhtamaki OYJ, based in Finland, has initiated procedures to terminate its joint venture with EarthShell Corp., a U.S.-based company that licenses and commercializes composite material technology to manufacture environmentally friendly food service packaging.
The joint venture was established in 1999 to manufacture and market biodegradable food service packaging using EarthShell's technology in Europe and potentially in parts of Asia.
According to Huhtamaki, the development of the manufacturing process, which is at the responsibility of EarthShell Corp., has been delayed against original projections.
Huhtamaki has not made material investments in the joint venture and faces no write-off charges on termination.
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