Macondray Plastics, Inc., (MRAY) was originally incorporated on November 19, 1990 by Pioneer Ventures, Inc. as Agro Plastics, Inc. Until 1994, Agro Plastics' sole business was to supply the requirements of the Lapanday Group's banana plantations. In March 1995, Agro Plastics, Inc. was acquired by Macondray & Co., Inc. and was subsequently renamed Macondray Plastics, Inc. During that year, MRAY implemented a major expansion program which involved the construction of a modern manufacturing facility in Panacan, the acquisition of machinery and equipment, and the addition of a twine production line. In 1997, MRAY embarked on a program to reduce its total dependence on the banana industry by further expanding its customer base to commercial/industrial accounts. A new "triple-use" blown film machine was commissioned together with a six-color flexographic printing machine. With these machines, MRAY acquired the capability to serve the requirements of commercial/industrial companies engaged in the poultry business and export of fresh tuna and desiccated coconut, among others. In November 2000, MRAY became the first Davao-based, Davao-oriented company to list in the Philippine Stock Exchange. MRAY produces varied polyolefin plastic blown film (mono and multi layer) products, polyethylene foam net products and polypropylene twine, operating out of two (2) separate manufacturing facilities in Davao. MRAY has also ventured into new products for agricultural and industrial applications such as mulch sheets, tunnel covers, greenhouse film, foam net, stretch cling, high barrier and heat shrink film. Source: SEC Form 17-A (2008)