Itaconix Plc Share News (ITX)

(Sharecast News) - Itaconix has signed an exclusive global supply agreement with Nouryon - formerly AkzoNobel Specialty Chemicals - for its bio-based polymers with chelating properties for the detergents market, it announced on Tuesday.The AIM-traded firm said the development followed its announcement in May last year, that Nouryon had 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 was 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 would produce and supply certain proprietary polymers with chelating properties that Nouryon would market to its customers in household, institutional, and industrial detergent and cleaner applications.In addition, the parties would work together to transition many of Itaconix's current detergent customers to Nouryon."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," said Nouryon general manager of chelates and micronutrients, Peter Kuijpers."These polymers will generate new opportunities for our customers in key detergent applications, enabling greener formulations without compromises on technical performance."John R Shaw, chief executive officer of Itaconix, added that the company's novel polymers offered "great value" as replacements for phosphates in detergents, which were 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."