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LONDON (Alliance News) - Itaconix PLC on Tuesday said it has signed an exclusive global supply agreement with Nouryon for its bio-based polymers for the detergents market.
The stock was trading 16% higher on Tuesday morning at 4.70 pence a share.
Under the terms of the contract, the AIM-listed chemicals company will produce and supply polymers that Nouryon will market to its customers in household, institutional, and industrial detergent and cleaner applications.
In addition, the companies will work together to transition many of Itaconix's current detergent customers to Nouryon.
"Our novel polymers offer great value as replacements for phosphates in detergents, which are being phased out due to environmental concerns," said Itaconix Chief Executive John Shaw.
"We expect the supply arrangement will support a significant part of our forecast detergent revenue for 2019 and beyond," added Shaw.
