Symphony Env. Regulatory News (SYM)

29 Apr 2008 07:01

Symphony Environmental Tech. PLC29 April 2008 SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC Distribution and Manufacturing Agreement for the Middle East - Largest d2w(R) Volume Agreement to date Symphony Environmental Technologies Plc ("Symphony" or "the Group"), thedegradable plastics and waste-to-energy Group, is pleased to announce thecompletion of a Distribution and Manufacturing Agreement ("the Agreement") withthe Fujairah Plastics Group ("Fujairah") of Sharjah, United Arab Emirates("U.A.E."), through its wholly-owned subsidiary, Symphony Environmental Limited. The term of the Agreement is 15 years and is exclusive for specific grades ofnewly developed d2w(R) degradable polymers to be distributed by Fujairah in theterritories of the U.A.E., Bahrain, Kuwait, Oman, Egypt, Libya, Syria andJordan. The Agreement is in two phases. The first, the supply phase, is expected to befor a period of up to 9 months, followed by the second phase, whereby Fujairahwill commence its own production under licence. In the supply phase, Symphony will deliver d2w(R) polymers directly toFujairah's newly established operating company in the U.A.E., EcopolymersCompany. A minimum commitment has been received from Fujairah for 500 tons of d2w(R) polymer for delivery between 30th May and 20th August 2008. Once theproduction phase is established, Fujairah is expected to produce volumes of morethat 500 tons of d2w(R) polymer monthly. The Agreement is the largest for the distribution of d2w(R) polymer to date. Khalid Al Kaabi, Managing Director - Fujairah Plastic Group (Sharjah) (U.A.E),said: "We are very pleased to announce the completion of this milestone Agreement withSymphony for its environmentally responsible d2w(R) oxo-biodegradable plastictechnology. Fujairah is one of the largest and fastest growing carrier bagproducers in the U.A.E. and is concerned with the environmental effects ofplastic pollution caused by littering. The demand for a competitive eco-friendlyproduct is expected to be substantial and in the past week our volumes havenearly doubled with the award of a new contract by the Sharjah Co-operative ford2w(R) carrier bags. Our group is committed towards the protection of theenvironment and we will therefore be encouraging our customers to change to d2w(R) products. Fujairah has recently completed the construction of a new 100,000sq. ft factory which will be the main operating base for the phase 2 productionunit and are committed to invest heavily into equipment, marketing anddistribution in the coming months. Fujairah will be taking a lead position inthe supply of eco-friendly oxo-biodegradable plastic products and polymers" Michael Laurier, Chief Executive of Symphony Environmental Technologies plc,said: "This Agreement formalises a business relationship that has existed for morethan 4 years and sets the foundations for major expansion for both groups in theregion. We are delighted to have completed this Agreement with Fujairah Plasticsas it consolidates a major part of our Middle East marketing and distributionstrategy. With the second production phase, product cost will reduce as volumesrise and stock turnaround times become more efficient. We are looking forward to working closely with Fujairah and to rapidly completeall phases of the project. We are honoured and delighted that Fujairah haschosen Symphony as its project partner. This ambitious new project will make apositive difference in helping to solve the problems associated with plasticlitter that is so often written about but misunderstood. d2w(R) is designed tobring a low cost solution and without interrupting the long established supplychains." For further information, please contact: SymphonyMichael Laurier, CEO Tel: 020 8207 5900Ian Bristow, FD HB CorporateRod Venables Tel: 020 7510 8600 Further information on the Symphony Environmental Technologies Group ofcompanies: SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradableplastic technology. The technology is recognised by the d2w(R) droplet logo onthousands of tonnes of oxo-biodegradable plastic products. In the last 12 monthsit is estimated that more than 5 billion plastic products have been made withSymphony's d2w(R) pro-degradant additives. Symphony has a diverse and growing customer base and has successfullyestablished itself as an international business. Its d2w(R) products can alreadybe found in more than 60 countries. Symphony is proud to be a member of theOxo-biodegradable Plastics Association (www.biodeg.org). Symphony is also developing innovative waste-to-energy technology and isdeveloping cost-effective processes to convert plastics, tyres and other wastestreams into valuable products. Further information on the Symphony Group can be found at www.degradable.net This information is provided by RNS The company news service from the London Stock Exchange