Itaconix PLC Termination of Chelates Agreement (0954A)
17 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMITX
RNS Number : 0954A
Itaconix PLC
17 January 2020
17 January 2020
Itaconix plc ("Itaconix" or the "Company")
Termination of Chelates Agreement
Itaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable specialty polymers, announces that the Company and
Nouryon have mutually agreed to terminate their agreement for
Nouryon to exclusively distribute Itaconix polymers with chelating
properties worldwide for detergent applications.
The parties signed a supply agreement in January 2019 after
conducting encouraging joint technical assessments of Itaconix's
polymers in detergent applications. An initial marketing trial by
Nouryon indicated, however, that the agreement was not mutually
attractive for accessing available customer opportunities.
The Company's agreement to supply Itaconix's proprietary
bio-based polymer to Nouryon for personal care applications
continues unchanged.
The Company's direct sales of polymers and pipeline of active
customer projects with detergent brands and producers also continue
unchanged.
Detergent polymers sold directly to detergent producers by
Itaconix generated GBP0.7 million of the GBP1.1 million in 2019
unaudited revenues announced by the Company last week, representing
68% of total revenues and 37% revenue growth from 2018. Current
detergent revenues and prospects for future revenues from the
Company's project pipeline are not affected by the termination of
the agreement.
John R. Shaw, Chief Executive Officer, stated: "We greatly
appreciate our working relationship with Nouryon and look forward
to continuing to work with them in the personal care market. A
healthy sign of an effective collaboration is knowing when a
particular arrangement is unlikely to meet joint expectations. Our
direct efforts to advance our customer projects for detergent
polymers have produced strong revenue growth and a deep pipeline of
new opportunities that we are confident will generate continued
success in 2020 and beyond."
Ends
For further information please contact:
Itaconix +1 (603) 775 4400
John R. Shaw / Laura Denner
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James Moat (Corporate
Finance)
Tom Salvesen (Corporate Broking)
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based
functional ingredients for improving the safety and performance of
homecare, personal care, and industrial products. Its proprietary
polymer technology generates a growing range of new ingredients
with unique functionality that meet consumer demands for value and
sustainability.
www.itaconix.com
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END
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