We are committed to enabling you make things better. We love finding ways to create plant-based products with superior results. We team up with companies to make a big splash in the market.
You want to create something special that performs well, sells well and respects nature. With so many rules, costs, and competitors, it's tough to know which way to go.
Itaconix produces key ingredients for new generations of safer consumer products with superior performance and sustainability.
Every day we are motivated by the vision of biology powering the change humankind so desperately needs. Itaconix is leading that revolution.
We are building a large, profitable specialty ingredient company with safer products for the low carbon economy. Our growth rate has just begun to tap the potential of the addressable market.
Itaconix has entered a new era of development toward our long-term goal of becoming a large, highly profitable, capital-efficient specialty-ingredient company.
We know how to leverage our knowledge and expertise to offer insights that few others can.
Subscribe for updates and get insights sent directly to your inbox.
18 May 2017
Itaconix plc (“Itaconix” or the “Group”)
Operational Update
Itaconix, a leading designer and manufacturer of specialty polymers, announces that following the acquisition and integration of Itaconix Corporation in the USA, it is implementing operational changes to the Group. Resources will be more focused on successfully executing the Group’s strategy to launch and grow the sales of its products, primarily in the global personal care and homecare markets, including the development of application data that provides clear evidence of the material benefits of using Itaconix’s products and how they can be best formulated into end consumer products.
Given the Group’s established product portfolio and evolving sales and marketing focus, its need for new product development is becoming more defined and targeted to customer requirements. Accordingly, it is now appropriate to resize the R&D team, which will result in operational efficiencies. Whilst the full financial effect of these changes will not be achieved immediately, with the net cash impact being broadly neutral in 2017, the positive net cash impact is expected to be approximately £1m per annum from 2018.
"The re-balancing of our business is an important step in establishing and growing our product sales and increasing operational efficiencies." said Dr. Kevin Matthews, CEO of Itaconix. "In the short to medium term we are highly focused on our sales and marketing efforts to drive our existing product portfolio into market, and the new structure does mean that some of our teams are leaving us. In particular, I would like to thank Dr David Pears our CTO since January 2008 for his unrelenting efforts; David will be retiring from the business at the end of May 2018 after more than 10 years of service. The board firmly believes that an increased effort and focus on product commercialization is the right direction of travel for the business and that the reduction in our cost base will help accelerate Itaconix’s path to profitability.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For full release, please download full news release.
Subscribe to our blog to get insights sent directly to your inbox.
