RE: RE: Large Transaction31 Jan 2023 00:15
Could it be that Paul LeBlanc has been brought in now to help with setting up a European operation? We could surmise from previous RNS that ITX have started getting good volume from Europe.
RNS: "New Funding to Support EU Volumes" (22nd Apr 2022)
"The proceeds of the Fundraise will be used for general growth working capital, predominantly to strengthen finished goods inventories held in the EU to assure reliable and ready delivery times to EU customers."
"We expect this momentum to continue into Europe in 2022. In September, we announced our first European order for Itaconix® TSI™ 322 with an established and well-respected European brand that is recognized by both the dishwashing detergent industry and consumers as a leader in product innovation, performance, and sustainability. The new product is expected to be on retail shelves in H2 2022"
"An important milestone in these efforts was our first order for use in sustainable fashion, which we view as a new and potentially major application. The customer is a leading European supplier to companies that produce materials for the fashion and related industries."
RNS: Trading Update (13 July 2022)
"We expect to see at least one new European detergent product on the market this year, and possibly even more."
"The Company's direct selling efforts to major detergent producers in Europe had already established strong interest in Itaconix® TSI™ 322, so the renewed product development efforts are creating new traction for major revenue growth in Europe. Itaconix is delivering increased order volumes in Europe, has one brand launching a new dishwashing product this fall, and has other potential customers completing production trials for new products. The Company is rebuilding finished goods inventories in Europe to shorten delivery times and assure reliable fulfillment as customer commitments to Itaconix products grow."
"The Board expects to see at least one new European detergent product on the market this year, and possibly even more."
You get the idea.
So why Paul LeBlanc ? Well, it's all in the most recent RNS: Board Change (05 January 2023)...
Previous experience "... including overseeing the acquisition and integration of operations in Europe and Asia. "
He "..has played a leadership role in expanding financial and overall operations as Bemis has grown from a domestic business with less than $40 million in revenues into an international enterprise ..."
If my hunch is true (spoiler ... it probably isn't), European customer volume must be very, very good!