(Alliance News) - Tekcapital PLC on Thursday said its investee Salarius has teamed up with food ingredients distributor FXM Ingredients Inc to sell MicroSalt in Mexico.
MicroSalt is a low-sodium salt developed and manufactured by Salarius. Tekcapital holds a 92% stake in Salarius.
The Oxford-based intellectual property investor stated Salarius has signed a partnership agreement with FXM to lead business-to-business sales and marketing of MicroSalt in Mexico and Latin America, highlighting that the partnership marks the first time the salt will be sold outside the US.
Tekcapital noted that in Mexico 2020 revenue in the snack food segment is projected to be USD5.68 billion, with the Mexican market is expected to grow annually by 9.1%.
"We are looking forward to working with FXM to bring the full flavor-low sodium benefits of MicroSalt to Mexican consumers to help lower their sodium intake. Our collaboration with FXM will introduce MicroSalt to food companies in Mexico and Latin America that could benefit most from our ground-breaking, on-trend and innovative ingredient," said Salarius Chief Executive Victor Manzanilla.
Shares in Tekcapital were trading 23% higher at 14.12 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
TekCapital (TEK)