15 January 2019 FINAL
Itaconix plc (“Itaconix” or “the Company”)
Itaconix signs agreement with Nouryon for Itaconix’s bio-based polymers for the detergents industry
Itaconix has signed an exclusive global supply agreement with Nouryon (formerly AkzoNobel Specialty Chemicals) for Itaconix’s innovative bio-based polymers with chelating properties for the detergents market.
This development follows Itaconix’s announcement in May 2018 that Nouryon notified Itaconix of its desire to enter into a joint marketing effort after completing a successful technical and regulatory evaluation of Itaconix’s polymers.
It is also the first supply agreement resulting from a joint development agreement signed by the companies in 2017 to explore opportunities for polymers made from bio-based itaconic acid using Itaconix’s technology.
Under the terms of the supply agreement, Itaconix will produce and supply certain proprietary polymers with chelating properties that Nouryon will market to its customers in household, institutional, and industrial detergent and cleaner applications. In addition, the parties will work together to transition many of Itaconix’s current detergent customers to Nouryon.
Peter Kuijpers, General Manager Chelates and Micronutrients at Nouryon, said: “We are excited to expand the bio-based solutions we deliver to our customers by adding Itaconix’s proprietary polymers to our industry-leading product offerings in detergents. These polymers will generate new opportunities for our customers in key detergent applications, enabling greener formulations without compromises on technical performance.”
Peter Nieuwenhuizen, Chief Technology Officer at Nouryon, added: “We are pleased to complete the first supply agreement under our collaboration with Itaconix around its novel itaconic acid polymer platform. We firmly believe in the power and potential of collaborative innovation. By partnering, we create even greater innovation opportunities to offer to our customers.”
John R. Shaw, CEO of Itaconix, stated: “Our novel polymers offer great value as replacements for phosphates in detergents, which are being phased out due to environmental concerns. After our success in gaining initial use of our polymers through direct efforts, I am excited that our joint work with Nouryon over the last year has created this global opportunity for our polymers. We expect the supply arrangement will support a significant part of our forecast detergent revenues for 2019 and beyond.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).
Ends
For further information please contact:
Itaconix plc +1 603 775-4400
John R. Shaw / Michael Norris
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / James Moat (Corporate Finance)
About Itaconix
Itaconix develops and produces bio-based specialty polymers that improve the safety, performance or sustainability of consumer and industrial products, with technology and market leadership positions in non-phosphate detergents, odor control, and hair styling.