Partners evaluate Danimer Scientific’s Nodax™
PHA as commercial, fully biobased alternative for polyethylene to
manufacture recyclable paper and board products from renewable
sources
Kemira, a global leader in sustainable chemical solutions for
water intensive industries, and Danimer Scientific, a leading
developer and manufacturer of biodegradable materials, today
announced a partnership to develop biodegradable aqueous barrier
coatings for more sustainable paper and board products. The
companies aim to manufacture coatings for limited commercial
applications in 2021 before exploring broader production options.
Coating on a paper or board product, such as a coffee cup, forms a
barrier to keep moisture and grease from leaking through the cup
material.
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As brand owner and consumer demand for sustainable paper and
board products increases, this coating and surface treatment will
ensure paper and board items are fully biodegradable in soil and
water. Danimer Scientific’s biopolymer, Nodax™ polyhydroxyalkanoate
(PHA), is renewably sourced from the seeds of plants, such as
canola and soy and is 100% biobased. A majority of paper and board
products from cups to food packaging are currently coated with
fossil fuel-based polyethylene, which hinders the recyclability of
the products and creates plastic waste.
“Evaluating PHA is one step in realizing our biobased strategy
to deliver high quality, sustainable and circular packaging
solutions. Sustainability is one of the main drivers of Kemira’s
long-term growth. We are dedicated to our customer’s success as we
increase the value of their end-products. This partnership with
Danimer Scientific will bring new biobased and circular products to
markets and is an important milestone in reaching our biobased
growth targets,” says Antti Matula, SVP, Global Product
Lines & Business Development for Kemira Pulp&Paper.
“PHA is a proven biodegradable alternative to fossil fuel-based
materials. Partnering with Kemira will enable us to expand to paper
applications, delivering a repulpable and biodegradable material
without sacrificing the product quality that brands and consumers
expect,” says John Moore, senior vice president of business
development at Danimer Scientific.
On October 5, 2020, Danimer Scientific and Live Oak Acquisition
Corp. (NYSE: LOAK), a publicly-traded special purpose acquisition
company, announced the entry into a definitive agreement for a
business combination that will result in Danimer Scientific
becoming a public company on the New York Stock Exchange. For more
information on Danimer Scientific, visit
www.DanimerScientific.com.
For more information on Kemira, visit www.Kemira.com.
About Kemira
Kemira is a global chemicals company serving customers in water
intensive industries. We provide best suited products and expertise
to improve our customers’ product quality, process and resource
efficiency. Our focus is on pulp & paper, oil & gas and
water treatment. In 2019, Kemira had annual revenue of around EUR
2.7 billion and over 5,000 employees. Kemira shares are listed on
the Nasdaq Helsinki Ltd. www.kemira.com.
About Danimer Scientific
Danimer Scientific is a pioneer in creating more sustainable,
more natural ways to make plastic products. For more than a decade,
our renewable and sustainable biopolymers have helped create
plastic products that are biodegradable and compostable. They
return to nature instead of polluting our lands and waters. Our
technology can be found in a vast array of plastic end products
that people use every day. Applications for our biopolymers include
additives, aqueous coatings, fibers, filaments, films, hot-melt
adhesives and injection-molded articles, among others. We now hold
more than 150 granted patents and pending patent applications in
more than 20 countries for a range of manufacturing processes and
biopolymer formulations. For more information, visit
www.DanimerScientific.com.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
All statements, other than statements of present or historical fact
included in this press release, regarding Live Oak Acquisition
Corp.’s (“Live Oak”) proposed acquisition of Danimer Scientific,
Live Oak’s ability to consummate the transaction, the benefits of
the transaction and the combined company’s future financial
performance, as well as the combined company’s growth plans and
strategy, future operations, estimated financial position,
estimated revenues and losses, projected costs, prospects, plans
and objectives of management are forward-looking statements. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Danimer Scientific’s management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on as, a guarantee, an assurance, a
prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Danimer Scientific. These
forward-looking statements are subject to a number of risks and
uncertainties, including those discussed in Live Oak’s registration
statement on Form S-4, filed with the Securities and Exchange
Commission (the “SEC”) on October 28, 2020, and as amended to date
(the “Registration Statement”), under the heading “Risk Factors,”
and other documents Live Oak has filed, or will file, with the SEC.
If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. In addition,
forward-looking statements reflect Danimer Scientific’s
expectations, plans, or forecasts of future events and views as of
the date of this press release. Danimer Scientific anticipates that
subsequent events and developments will cause its assessments to
change. However, while Danimer Scientific may elect to update these
forward-looking statements at some point in the future, Danimer
Scientific specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Danimer Scientific’s assessments of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements
Important Information for Investors and Stockholders
In connection with the proposed transactions, Live Oak has filed
the Registration Statement on Form S-4 with the SEC, which includes
a preliminary proxy statement, to be distributed to holders of Live
Oak’s common stock in connection with Live Oak’s solicitation of
proxies for the vote by Live Oak’s stockholders with respect to the
proposed transactions and other matters as described in the
Registration Statement, as well as a prospectus relating to the
offer of the securities of Live Oak to be issued in connection with
the proposed transactions. After the Registration Statement has
been filed and declared effective, Live Oak will mail a definitive
proxy statement, when available, to its stockholders. Investors and
security holders and other interested parties are urged to read the
proxy statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Live Oak, Danimer Scientific and the proposed
transactions. Investors and security holders may obtain free copies
of the preliminary proxy statement/prospectus and definitive proxy
statement/prospectus (when available) and other documents filed
with the SEC by Live Oak through the website maintained by the SEC
at http://www.sec.gov, or by directing a request to: Live Oak
Acquisition Corp., 774A Walker Rd., Great Falls, VA 22066 or (901)
985-2865. The information contained on, or that may be accessed
through, the websites referenced in this press release is not
incorporated by reference into, and is not a part of, this press
release.
Participants in the Solicitation
Live Oak and Danimer Scientific and their respective directors
and certain of their respective executive officers and other
members of management and employees may be considered participants
in the solicitation of proxies with respect to the proposed
transactions. Information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is, and will be,
included in the Registration Statement and other relevant materials
filed, and to be filed, with the SEC regarding the proposed
transactions. Stockholders, potential investors and other
interested persons should read the Registration Statement carefully
before making any voting or investment decisions. When available,
these documents can be obtained free of charge from the sources
indicated above.
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version on businesswire.com: https://www.businesswire.com/news/home/20201208005145/en/
For more information, please contact: Kemira Oyj Mikko
Pohjala, Vice President, Investor Relations Tel: +358 40 838 0709
mikko.pohjala@kemira.com
Kemira Oyj, Americas Tuija Pohjolainen-Hiltunen, Senior Vice
President, Pulp & Paper Commercial
tuija.pohjolainen-hiltunen@kemira.com
Kemira Oyj Antti Matula, Senior Vice President, Global Product
Lines & Business Development antti.matula@kemira.com
Danimer Scientific Anthony Popiel Dalton Agency Tel: +1
(404) 876-1309 apopiel@daltonagency.com
Live Oak Acquisition (NYSE:LOAK)
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