EL SEGUNDO, Calif. (AP) — Plastics maker Cereplast Inc. said Tuesday it will supply plastic resins to the commercial distribution business of Ashland Inc.
Cereplast said Ashland would distribute hybrid resins to converters and manufacturers in the United States including the U.S. territory of Puerto Rico, and in Canada and Mexico.
The company said its bio-based materials are an alternative to petroleum-based plastic.
Shares of Cereplast fell 40 cents, or 9.4 percent, to $3.87 in afternoon trading. Ashland shares fell $1.79, or 3.4 percent, to $50.19.