Meredian, a startup company based in Bainbridge, has acquired intellectual property from Protcer & Gamble for the production of new biopolymers.
Financial details were not disclosed.
Meredian, which is privately held, said it plans to open four production plants for the material. The production process will use renewable resources rather than petroleum for production of plastics.
"We are very pleased and excited to bring leading-edge, green technology to the marketplace," said S. Blake Lindsey, president of Meredian.
Meredian also has biopolymer technology known as DaniMer and Seluma. Its products are designed to degrade more readily that normal plastics.
“Given the unique physical property range of Meredian polymers we can expect to see a wide array of applications, from highly flexible films and fibers to rigid packaging, including many single-use food service and liquid packaging applications," Lindsey said in a statement.
The company said it would produce more than 600 million pounds of biopolymers annually.