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Itaconix PLC - New Supply and License Agreements with New Wave

RNS Number : 7377C
Itaconix PLC
12 February 2020
 

 

12 February 2020                                                                                                        

Itaconix plc ("Itaconix" or the "Company")

New Supply and License Agreements with New Wave

Itaconix is pleased to announce that it has extended its commercial relationship with New Wave Global Services Inc. ("New Wave"), a leading North American detergent supplier, with a licensing agreement for a new dishwashing detergent formulation and a supply agreement to support the growth in the Company's polymer volumes used in New Wave products.

The new dishwashing formulation is based on the new Itaconix® TSI™ 322 detergent polymer which the Company introduced last month.  In December 2018, Itaconix announced a license agreement with New Wave for a new triple-chamber dishwashing detergent pod based on Itaconix® CHT™ 122.  New Wave has gained new accounts and grown its volumes, with the formula now used in private label brands at retailers throughout North America.  The new formulation offers New Wave additional competitive advantages available with Itaconix® TSI™ 322. Roll-out into an expanded customer base for New Wave is expected to commence later in 2020. 

 The supply agreement provides New Wave with certainty on the pricing and supply of up to 1,000,000 lbs. of the Company's detergent polymers over the next two years as New Wave volumes are expected to ramp-up from both existing and new customers.

John R. Shaw, CEO of Itaconix, stated: "We look forward to accelerating our work with New Wave on the opportunities ahead for a new generation of dishwashing detergents. With these agreements and other prospects providing a strong pipeline, I am excited about our growth trajectory and broader recognition our polymers are gaining as key differentiating ingredients in major consumer products."

Ends

For further information please contact:

Itaconix

+1 (603) 775 4400           

 

John R. Shaw / Laura Denner

N+1 Singer

+44 (0) 207 496 3000

Peter Steel / James Moat (Corporate Finance)

Tom Salvesen (Corporate Broking)

About Itaconix

Itaconix develops and produces bio-based specialty polymers that improve the safety, performance and sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.  

www.itaconix.com

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.


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Price: 1.35

Market: LSE
Market Cap: £3.63 m
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