The US-based medical diagnostics company has spun off a plastics company with in partnership with a Chinese province, which its chief executive says could be a $1bn opportunity.
Biomagnetics Diagnostics Corp, a US-based medical testing company, has created Global Bio Energy to hold the rights to a manufacturing process for a biodegradable form of plastics called PVA.
Clayton Hardman, chief executive of Biomagnetics Diagnostics Corp, said: "Biomagnetics receives cash and minority shares in Global Bio Energy Corp. Global Bio Energy holds a 70% position in Shenzhen Global Bio Energy Crop, a Chinese company. The inventor and patent holder owns the remaining 30%. Global Bio Energy Corp. has just…
