Last checked at 8 Aug 2022 07:00
8 August 2022
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
("Symphony", the "Company" or the "Group")
Agreement for Middle East manufacturing
Symphony Environmental Technologies Plc (AIM:SYM) global specialists in technologies that make plastic and rubber products smarter, safer and sustainable, is pleased to announce the completion of a manufacturing agreement with Ecobatch Plastic Factory in the UAE ("Ecobatch") (the "Agreement").
As reported on 1 August 2022, this Agreement is for production of our biodegradable d2w masterbatch, primarily for supply into the Middle East, but the factory can also supply our other markets if desired. Production should commence during Q3 of this year after ESMA (UAE) and SASO (Saudi Arabia) certification.
Ecobatch, which is owned within the same family as the Group's distributor in the region, Ecopolymers, has received state funding to set up this masterbatch manufacturing facility, which is already producing white, black and coloured masterbatch products for the plastics industry in the UAE and Saudi Arabia. This also fits in with Symphony's capital-light model.
The Middle East is one of our prime markets, and the operation of this Agreement is anticipated to improve stock availability and control throughout the supply chain, reduce cost, improve efficiencies and increase sales, as locally-made products are usually preferred by customers. Importantly, this is entirely compatible with our ESG strategy and in particular minimising Co2 emissions through lengthy transport systems.
Ecobatch has sufficient capacity to support a substantial increase in demand in the region, which is anticipated due to wider enforcement of regulations which support the d2w type of biodegradable technology.
Michael Laurier, CEO of Symphony said "We are delighted to be using Ecobatch to improve our supply chain and have been working with the owners for many years now in developing the market for our products, which we believe is primed for further growth."
Enquiries
Symphony Environmental Technologies Plc | |
Michael Laurier, CEO | Tel: +44 (0) 20 8207 5900 |
Ian Bristow, CFO | |
www.symphonyenvironmental.com | |
Zeus Capital Limited (Nominated Adviser and Joint Broker) | |
David Foreman / Nick Cowles / Kieran Russell (Corporate Finance) | Tel: +44 (0) 161 831 1512 |
Dominic King / Victoria Ayton (Sales) | Tel: +44 (0) 203 829 5000 |
Hybridan LLP (Joint Broker) Claire Louise Noyce
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Tel: +44 (0) 203 764 2341 |
NOTES TO EDITORS:
About Symphony Environmental Technologies plc
www.symphonyenvironmental.com
Symphony has developed and continues to develop and market, a biodegradable plastic technology which helps tackle the problem of litter and microplastics by turning ordinary plastic at the end of its service-life into biodegradable materials. It is then no longer a plastic and can be bioassimilated in the open environment in a similar way to a leaf. The technology is branded d2w® and appears as a droplet logo on many thousands of tonnes of plastic packaging and other plastic products around the world. In some countries, including Saudi Arabia, Jordan, Bahrain and the UAE oxo-biodegradable plastic is mandatory. See www.d2w.net
Symphony has also developed a range of additives, concentrates and master-batches marketed under its d2p® ("designed to protect") trademark, which can be incorporated in a wide variety of plastic and non-plastic products so as to provide protection against many different types of microbes, and insects and rodents, and against fire. d2p products also include odour, moisture and ethylene adsorbers as well as other types of food-preserving technologies. Symphony has launched d2p anti-microbial household gloves and toothbrushes and is developing a range of other d2p finished products for retail sale. See www.d2p.net
The Group has complemented its d2w biodegradable product range with d2c "compostable resins and products" that have been tested to US and EU composting standards.
Symphony has also developed the d2Detector®, a portable device which analyses plastics and detects counterfeit products. This is useful to government officials tasked with enforcing legislation, and Symphony's d2t tagging and tracer technology is available for further security.
Symphony has a diverse and growing customer-base and has established itself as an international business with 74 distributors around the world. Products made with Symphony's plastic technologies are now available in nearly 100 countries and in many different product applications. Symphony itself is accredited to ISO9001 and ISO14001.
Symphony is a member of The BPA (www.biodeg.org) and actively participates in the Committee work of the British Standards Institute (BSI), the American Standards Organisation (ASTM), the European Standards Organisation (CEN), and the International Standards Organisation (ISO).
Further information on the Group can be found at www.symphonyenvironmental.com and Twitter @SymphonyEnv See also Symphony on Instagram, Linkedin, and TicToc. A Symphony App is available for downloading to smartphones.