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Itaconix and Nouryon terminate chelates agreement

Itaconix and Nouryon have mutually agreed to call time on Nouryon's exclusive distribution rights in this particular area but continue to work together in other areas.

Itaconix PLC -

Itaconix PLC (LON:ITX) and Nouryon have agreed to terminate their agreement for Nouryon to exclusively distribute Itaconix polymers with chelating properties worldwide for detergent applications.

The parties signed a supply agreement in January 2019 after conducting encouraging joint technical assessments of Itaconix's polymers in detergent applications. An initial marketing trial by Nouryon indicated, however, that the agreement was not mutually attractive for accessing available customer opportunities, Itaconix said.

Itaconix added that its agreement to supply its proprietary bio-based polymer to Nouryon for personal care applications is unaffected by today’s announcement. The company's direct sales of polymers and pipeline of active customer projects with detergent brands and producers also continue unchanged.

"We greatly appreciate our working relationship with Nouryon and look forward to continuing to work with them in the personal care market,” said John Shaw, the chief executive officer of Itaconix.

“A healthy sign of an effective collaboration is knowing when a particular arrangement is unlikely to meet joint expectations. Our direct efforts to advance our customer projects for detergent polymers have produced strong revenue growth and a deep pipeline of new opportunities that we are confident will generate continued success in 2020 and beyond," he added.

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Price: 1.3 GBX

LSE:ITX
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Market Cap: £3.5 m
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