Itaconix PLC Detergent polymer agreement with Nouryon (0755N)
January 15 2019 - 3:00AM
UK Regulatory
TIDMITX
RNS Number : 0755N
Itaconix PLC
15 January 2019
15 January 2019
Itaconix plc ("Itaconix" or "the Company")
Itaconix signs agreement with Nouryon
for Itaconix's bio-based polymers for the detergents
industry
Itaconix has signed an exclusive global supply agreement with
Nouryon (formerly AkzoNobel Specialty Chemicals) for Itaconix's
innovative bio-based polymers with chelating properties for the
detergents market.
This development follows Itaconix's announcement in May 2018
that Nouryon notified Itaconix of its desire to enter into a joint
marketing effort after completing a successful technical and
regulatory evaluation of Itaconix's polymers.
It is also the first supply agreement resulting from a joint
development agreement signed by the companies in 2017 to explore
opportunities for polymers made from bio-based itaconic acid using
Itaconix's technology.
Under the terms of the supply agreement, Itaconix will produce
and supply certain proprietary polymers with chelating properties
that Nouryon will market to its customers in household,
institutional, and industrial detergent and cleaner applications.
In addition, the parties will work together to transition many of
Itaconix's current detergent customers to Nouryon.
Peter Kuijpers, General Manager Chelates and Micronutrients at
Nouryon, said: "We are excited to expand the bio-based solutions we
deliver to our customers by adding Itaconix's proprietary polymers
to our industry-leading product offerings in detergents. These
polymers will generate new opportunities for our customers in key
detergent applications, enabling greener formulations without
compromises on technical performance."
Peter Nieuwenhuizen, Chief Technology Officer at Nouryon, added:
"We are pleased to complete the first supply agreement under our
collaboration with Itaconix around its novel itaconic acid polymer
platform. We firmly believe in the power and potential of
collaborative innovation. By partnering, we create even greater
innovation opportunities to offer to our customers."
John R. Shaw, CEO of Itaconix, stated: "Our novel polymers offer
great value as replacements for phosphates in detergents, which are
being phased out due to environmental concerns. After our success
in gaining initial use of our polymers through direct efforts, I am
excited that our joint work with Nouryon over the last year has
created this global opportunity for our polymers. We expect the
supply arrangement will support a significant part of our forecast
detergent revenues for 2019 and beyond."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 (MAR).
Ends
For further information please contact:
Itaconix plc +1 603 775-4400
John R. Shaw / Michael Norris
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James Moat (Corporate
Finance)
About Itaconix
Itaconix develops and produces bio-based specialty polymers that
improve the safety, performance or sustainability of consumer and
industrial products, with technology and market leadership
positions in non-phosphate detergents, odor control, and hair
styling.
www.itaconix.com
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END
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