CRAiLAR Technologies Inc., a Victoria, British Columbia-based company that develops bast fiber-based products, has announced its board of directors has appointed a committee to identify, examine and consider strategic and financial alternatives. The company said it seeks to reduce operating overhead at all locations, and right size the manufacturing of CRAiLAR fiber. The company says it will continue to negotiate a replacement Material Purchase Agreement contract with Georgia Pacific; the existing contract ends Nov. 22, 2015. The corporation cautions there are no assurances or guarantees that this process will result in any transactions or, if any transactions are undertaken, the terms or timing of such transactions.
CRAiLAR’s operations consist primarily of the production of its CRAiLAR® Flax fibers aimed at the natural yarn and textile industries, as well as the deployment of its processing technologies in the cellulose pulp and composites industries.