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Cereplast Investing More Than $700,000 in Seymour, Indiana

Cereplast, a bio-resin manufacturer located in Seymour, Indiana, has received a $100,000 grant from the state's Recycling Market and Development Board, the Seymour Tribune reports. The funds are the first the board has granted since the state froze the board's assets in 2008.

The company will use the funds towards a more than $700,000 expansion, and to hire 38 new employees.

"We achieved significant milestones in the second quarter and further positioned the company for rapid growth and operational profitability," said Cereplast founder and CEO Frederic Scheer. "Our gross profit rose significantly on cost savings from our new bioplastics manufacturing facility in Seymour, which has increased production efficiencies significantly."

Cereplast makes fully compostable starch-based bioresins. Raw materials are derived from renewable sources such as soy proteins and starches in corn, wheat, and potatoes. It also makes hybrid resins, which combine renewable materials with petroleum-based plastics.

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