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4 Nov 2021 07:00
Itaconix plc
("Itaconix" or the "Company")
Production Interruption from Storm Damage
Itaconix (AIM: ITX) (OTCQB: ITXXF) announces a temporary interruption to production at its Stratham, New Hampshire facility.
The interruption was caused by water damage from severe rainstorms that occurred during a roofing construction project undertaken by the building owner. Repairs needed to water damaged production equipment will shortly be underway. Production is currently expected to recommence during December.
Itaconix expects to meet all customer orders on time from existing finished goods inventories except for its Itaconix® TSI™ 322 detergent polymer, leading to some impact on revenues over the coming weeks. The Company will work with its key TSI™ 322 detergent polymer customers on the potential for using an alternative TSI™ 322 detergent polymer grade that is held in stock.
Insurance held by the Company, including business interruption cover, together with the insurance of the construction contractor and the building owner are expected to cover the costs and losses incurred.
- Ends -
Enquiries:
Itaconix | +1 (603) 775 4400 |
John R. Shaw/Laura Denner | |
Belvedere Communications | +44 (0) 20 3687 2756 |
John West/Llew Angus | |
finnCap | +44 (0) 20 7220 0500 |
Ed Frisby/Abigail Kelly/Milesh Hindocha - Corporate Finance Andrew Burdis/Sunila de Silva - ECM |
About Itaconix
Itaconix uses its proprietary plant-based polymer technology platform to produce and sell specialty ingredients that improve the safety, performance, and sustainability of consumer products. The Company's current ingredients are enabling and leading new generations of products in detergents, hygiene, and hair care. Itaconix's contributions to the global low carbon economy are recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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