KRT - Karat Packaging partners to build manufacturing unit in Taiwan at $6M initial investment

Karat Packaging (NASDAQ:KRT) stated Thursday it has signed a definitive joint venture deal with Happiness Moon to set up a new factory in Taiwan. The company plans to establish a new 180K sq. ft. facility for the manufacturing of compostable foodservice products from bagasse, a derivative of sugar cane pulp, under a new corporation- Green Earth Technology.  Karat said it will hold 49% interest in Green Earth with initial investment of ~$6M. The new plant is expected to begin production in Q2 2022 using the Happiness Moon's machinery and technologies. It is projected to generate the output of about 7,560 tons of products in 2023, or ~648 containers of take-out boxes, plates, bowls, tableware, and other bagasse products. Earlier (Mar. 23): Karat Packaging Non-GAAP EPS of $0.32 beats by $0.03, revenue of $91.33M misses by $4.7M

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Karat Packaging partners to build manufacturing unit in Taiwan at $6M initial investment