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Hennef, Germany-based Creapaper uses a patented process to produce an alternative raw material for the paper and packaging industry that can be used in paper production instead of cellulose pulp made from wood or waste paper.
Concurrently, Creapaper has completed financing round B with new investors, including Ranpak, JS Capital, Schusterman Family Investments, and Soros Capital.
"Ranpak's strategic investment in Creapaper reflects our continued commitment to sustainability and the use of natural substrates to reduce plastic waste and carbon emissions," said Omar Asali, Chairman and CEO of Ranpak.
Price Action: PACK shares are trading higher by 4.57% at $29.04 on the last check Tuesday.
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