(Alliance News) - Shares in speciality polymers firm Itaconix PLC rose by 33% on Tuesday after it announced the resumption of production at a plant in the US north east, following previous interruptions due to water damage.
"The company was successful with interim measures to resume production in the middle of November, with permanent repairs scheduled to be completed in the coming weeks," Itaconix said.
Shares were up 39% at 5.98 pence per share in London on Tuesday morning.
Last month, Itaconix had to temporarily halt production at its Stratham, New Hampshire facility due to water damage from severe rainstorms which took place during a roofing construction project.
Itaconix confirmed that it has met and expects to continue to meet all customer orders. The company is working closely with one large customer on minor delivery delays that will not impact the customer's operating needs, it noted.
Itaconix added that it has filed a claim with insurers to cover the costs of both property damage and operational costs incurred.
By Will Paige; willpaige@alliancenews.com
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Itaconix Plc (ITX)