Danimer is trying to rid the world once and for all of the non-biodegradable plastics. Image: GettyFor starters, Danimer has inked partnerships with the likes of PepsiCo , Nestle, and Bacardi to introduce its more sustainable plastics into their respective packaging.
In particular, Croskrey says the company has worked with PepsiCo for 11 years, and is hopeful the beverage and snack giant will use more of its planet-friendly plastic to meet their sustainability goals. PepsiCo was a 6% shareholder in Danimer ahead of the market debut, and remains a shareholder, Croskrey says.“Pepsi has made an announcement that by 2025 they want to convert all of their snack food packaging to bio-degradable, recyclable, or compostable materials.
Meanwhile, Danimer said in an investor presentation explaining the SPAC transaction that it sold out of all its production capacity for 2020. It will use the funds raised from the SPAC deal to add extra manufacturing capacity to an existing plant in Kentucky and build a new one in a bid to meet demand.made via a production tie-up between Danimer and WinCup.
Live Oak — the aforementioned SPAC Danimer merged with — was formed by banking heavyweights Rich Hendrix and Gary Wunderlich . The pair are expected to use their networks to further build out Danier’s institutional shareholder base. The company is targeting $51 million in sales this year and $2.1 million in earnings before, interest, taxes and depreciation . Next year, it sees sales reaching $117 million and EBITDA of $21 million.