(Alliance News) - Symphony Environmental Technologies PLC said on Tuesday it signed a supply agreement with Mexican bread manufacturer Grupo Bimbo for its d2p antimicrobial technology.
Shares in Symphony were up 17% at 18.72 pence on Tuesday in London.
The Borehamwood, Hertfordshire-based plastics and rubber technology developer said the agreement represent a "major commercial advance" for its d2p antimicrobial technology used in the plastic film of bread packaging.
Symphony will supply its d2p antimicrobial masterbatch to Grupo Bimbo's nominated bread packaging manufacturer across the American continent for three years.
The company did not disclose any financial details of the deal but said the supply of d2p in the US, Canada and Mexico will be exclusive. Grupo Bimbo has first-refusal for other countries in the Americas, it added.
"I am grateful to our board and shareholders for their support for this very challenging research & development project. Its successful conclusion and commercial adoption, makes a big difference to the company, and lays the foundation for our FDA approved, d2p antimicrobial bread packaging for the whole world - not just in the Americas," said Chief Executive Michael Laurier.
In 2020 and 2021, the company obtained regulatory approvals from the US Food & Drug Administration for its d2p anitmicrobial technology for the use in plastic films for bread packaging.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Symphony Env. (SYM)