Biomagnetics Diagnostics, a developer of diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other technologies, has established Zhuhai Energy Science and Technology, as the new wholly owned subsidiary.
The new subsidiary will contain all of the polyvinyl acetate (PVA) production assets recently purchased by Biomagnetics as part of its acquisition of Zhuhai Energy Science and Technology.
With the acquisition, Zhuhai Energy Science and Technology has owned all patent rights that were issued in 2008 for the equipment required to manufacture the Bio-Degradable PVA film.
Biomagnetics CEO Clayton Hardman said that the opening of the new PVA display facility, scheduled for the 1st quarter of 2011, is tailored toward the needs and interests of worldwide users of plastic film and is a great success for Biomagnetics.
"We expect this will in turn lead to increased opportunities and business contracts to work with global product suppliers as we are seeing huge demand for biodegradable PVA plastics as China and other countries continue to ‘turn green’," Hardman said.