Symphony Env. Regulatory News (SYM)

9 Aug 2005 15:01

Symphony Plastic Technologies PLC09 August 2005 For Immediate Release 9th August 2005 Symphony Plastic Technologies PLC Conclusion of Contract Symphony Plastic Technologies ("Symphony"), the degradable plastics company,today reports that, following a competitive tender process, the supply of itsdegradable carrier bags to Somerfield and Kwik Save will come to an end in thelatter part of October 2005. The initial contract agreed in August 2002 was originally intended to run for a12 to 15 month period but will have been successfully in operation for more thanthree years when the current agreement concludes. The contribution, before anycentral costs, from this contract was approximately £260,000 over the firstseven months of the current financial year. Michael Laurier, Chief Executive Officer of Symphony, said: "Naturally we are disappointed to lose such a high profile customer aftersharing an extremely good relationship over the last three years. However, inany competitive situation we have to balance the benefits of the contractagainst its commercial viability and our wider ambitions. We are very activelypursuing other significant opportunities internationally and in the UK in theknowledge that environmental concerns, together with consumer and legislativepressure, are creating a greater level of interest than ever for our d2w(R)environmentally responsible products." For more information, please contact: For further information:Symphony Plastic Technologies PlcMichael Laurier, CEOAllan Blacher, COO +44 (0)20 8207 5900 Citigate Dewe RogersonPatrick Toyne Sewell / Ged Brumby +44 (0)20 7638 9571 Further information on Symphony Plastic Technologies plc Symphony develops and supplies environmentally responsible plastic packagingproducts and additives, which are distributed primarily to the retail, localauthority and health related sectors. The Group's main technology, d2w(R),allows plastic to degrade, leaving only water, a minimal amount of carbondioxide and trace amounts of non-toxic biomass over a short time period. The d2w(R) product range now includes additives, carrier bags, refuse sacks, mailingwrap, stretch film, aprons, and packaging films. Symphony has a strong blue-chip customer base in the UK and has successfullyestablished itself as an international business after signing distributionagreements with companies in Brazil, Canada & USA, New Zealand, South Africa,the Caribbean, Saudi Arabia, Colombia and Qatar. Further information onSymphony can be found at www.symphonyplastics.com. This information is provided by RNS The company news service from the London Stock ExchangeEND This information is provided by RNS The company news service from the London Stock Exchange