Last checked at 23 Jan 2017 07:00
23 January 2017
Revolymer plc ("Revolymer" or "the Company")
Exclusive global supply and joint marketing agreement with Croda
Revolymer is pleased to announce that its wholly owned US subsidiary, Itaconix Corporation ("Itaconix"), has signed an exclusive global supply and joint marketing agreement with Croda Inc. ("Croda") in respect of its polymer-based odour removal additive Itaconix® ZINADOR™ 22L ("ZINADOR").
Using its patented itaconic acid polymer technology, Itaconix is delivering a major cost-effective breakthrough to a global odour neutralisation industry that is seeking new high-performance solutions. As a 100% bio-based product that is readily soluble in water and does not leave any residual materials, ZINADOR meets key unmet customer needs in the growing consumer and industrial markets for odour control.
Under the terms of the agreement, the parties will work together to grow and supply worldwide demand for ZINADOR. Itaconix will produce ZINADOR for Croda and Croda will market and sell ZINADOR in household, municipal, animal and industrial applications, subject to certain terms and conditions. Itaconix will continue providing its technical and marketing expertise to jointly expand applications and geographic opportunities for ZINADOR with Croda.
Dr. Kevin Matthews, CEO of Revolymer, commented: "Croda has a strong track record of delivering innovation in the target markets for ZINADOR. We are pleased that they are advancing ZINADOR after the success of our initial joint customer development efforts. We expect the supply arrangement will start to generate new revenues in 2017, and are excited to close the first major collaboration for our novel itaconic acid polymer technology platform so quickly after acquiring Itaconix last year."
Graeme Tweddle, Global Managing Director, Home Care & Industrial Chemicals Businesses at Croda, said: "We see ZINADOR as an exciting technology that will generate new opportunities for our customers in a broad range of odour neutralisation applications. After collaborating with the team at Itaconix around its unique polymers for some time we are very pleased to establish this new agreement for working together."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Ends
For further information please contact:
Revolymer plc | +44 (0) 1244 283 500 |
Kevin Matthews / Rob Cridland | |
N+1 Singer | +44 (0) 207 496 3000 |
Richard Lindley (Corporate Finance) Nick Owen (Corporate Broking) |
About Revolymer
Revolymer is an AIM quoted company whose objective is to be a leader in functional polymers that improve the safety, performance or sustainability of its customers' products in the delivery and controlled release of actives, surface modification and water quality improvement for the Homecare & Industrial and Personal Care & Consumer Healthcare markets.
www.revolymer.com
About Croda
Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world's biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.
Croda has a network of over 4,200 passionate and committed employees, working together as one global team across manufacturing sites and offices in 36 countries. Croda is a FTSE 100 company with a flexible structure that allows it to focus on developing and delivering innovative, sustainable ingredients that its customers can build on in: Personal Care, Health Care, Crop Care, Polymer Additives, Lubricants, Coatings & Polymers, Geo Tech, Home Care and Industrial Chemicals.
www.croda.com