Itaconix PLC New Supply and License Agreements with New Wave (7377C)
12 Febbraio 2020 - 8:15AM
UK Regulatory
TIDMITX
RNS Number : 7377C
Itaconix PLC
12 February 2020
12 February 2020
Itaconix plc ("Itaconix" or the "Company")
New Supply and License Agreements with New Wave
Itaconix is pleased to announce that it has extended its
commercial relationship with New Wave Global Services Inc. ("New
Wave"), a leading North American detergent supplier, with a
licensing agreement for a new dishwashing detergent formulation and
a supply agreement to support the growth in the Company's polymer
volumes used in New Wave products.
The new dishwashing formulation is based on the new Itaconix(R)
TSI(TM) 322 detergent polymer which the Company introduced last
month. In December 2018, Itaconix announced a license agreement
with New Wave for a new triple-chamber dishwashing detergent pod
based on Itaconix(R) CHT(TM) 122. New Wave has gained new accounts
and grown its volumes, with the formula now used in private label
brands at retailers throughout North America. The new formulation
offers New Wave additional competitive advantages available with
Itaconix(R) TSI(TM) 322. Roll-out into an expanded customer base
for New Wave is expected to commence later in 2020.
The supply agreement provides New Wave with certainty on the
pricing and supply of up to 1,000,000 lbs. of the Company's
detergent polymers over the next two years as New Wave volumes are
expected to ramp-up from both existing and new customers.
John R. Shaw, CEO of Itaconix, stated: "We look forward to
accelerating our work with New Wave on the opportunities ahead for
a new generation of dishwashing detergents. With these agreements
and other prospects providing a strong pipeline, I am excited about
our growth trajectory and broader recognition our polymers are
gaining as key differentiating ingredients in major consumer
products."
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
About Itaconix
Itaconix develops and produces bio-based specialty polymers that
improve the safety, performance and sustainability of consumer and
industrial products, with technology and market leadership
positions in non-phosphate detergents, odor control, and hair
styling.
www.itaconix.com
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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END
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