Business
Yunhong CTI Ltd. Announces the Arrival of Yunhong Biotechnology, Inc.
Bringing patented advanced materials to the US to enhance environmental sustainabilityLAKE BARRINGTON, IL / ACCESSWIRE / August 11, 2022 / Yunhong CTI Ltd.
About this update from Yunhong Green Cti Ltd.
[{"type":"text","content":"Bringing patented advanced materials to the US to enhance environmental sustainabilityLAKE BARRINGTON, IL / ACCESSWIRE / August 11, 2022 / Yunhong CTI Ltd. (Nasdaq:CTIB) (\"Yunhong CTI\" or the \"Company\"), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced the arrival of Yunhong Biotechnology, Inc. (\"YB\") in the United States. YB, a member of the Yunhong Group family of companies, was established in California to bring to the U.S. market its advanced materials for a compostable alternative to many of the materials used and disposed of in landfills, with all products to be made in the U.S.A.\"Environmental stewardship could not be more important,\" said Frank Cesario, Chief Executive Officer of Yunhong CTI and a member of the Board of Directors of YB. \"One of the advantages of being connected to the Yunhong Group is that we have access to strong ideas and technology on both sides of the world. YB offers a solution set that is patented in China, with patent applications coming in the US and UK, and offers compostable alternatives to some of the Styrofoam and plastic solutions that we use today.\"With Yunhong CTI positioning as a strategic partner with YB, it also avails us to an excellent position from which to challenge the materials we use every day in the balloon and gift solutions industry. We strive to operate responsibly, and now have an opportunity to look for new and better material solutions that we could use ourselves,\" finished Cesario.Increased usage in the packaging industry and an increase in strict environmental regulations are key factors driving the compostable products market. Compostable products are also being increasingly used in more durable applications such as in textiles, consumer goods, automotive parts and building & construction where the focus is on the use of renewable (bio) resources.In California and other states, legislatures are acting to require increased use of compostable products and passing measures to ensure that retail products labeled as \"compostable\" or \"home compostable\" meet specific standards.Recent studies have projected that the Global Compostable Foodservice Packaging Market to be over USD 18 billion in the year 2022. The market is projected to grow at a CAGR of over 9% earning revenues of aroun...