Origin Materials, a West Sacramento-based firm that aims to sell more-sustainable bottle caps to the world’s beverage makers and is one of the region’s few public companies, announced widespread restructuring this week.
CEO John Bissell said in a news release that the company was “closer now than ever” to delivering caps to several large beverage brands. But he said the process had taken longer than expected. The extended timeline, he said, had not affected customers’ interest but had consumed more resources than expected and had weighed on the company’s stock price.
Origin’s caps are made of PET, polyethylene terephthalate, the same material used to make soda bottles. The company has described its thermoplastic as an easier-to-recycle alternative to the polyethylene and polypropylene lids found in grocery and convenience stores worldwide…