24 October 2019
Itaconix plc ("Itaconix" or the "Company")
Expansion of Croda Supply and Joint Marketing Agreement
Itaconix, a leading innovator in sustainable specialty polymers, announces an expansion to its existing global supply agreement with Croda Inc. ("Croda") to include an additional polymeric zinc complex to the Itaconix product line already supplied to Croda. As part of the expanded agreement, Itaconix will receive a milestone payment of $60,000 from Croda as a partial contribution toward the completed development of the new polymeric zinc complex.
The current agreement with Croda began in 2017 for ZINADOR™ 22L in home and industrial applications. The new ZINADOR™ 35L is a more concentrated version of the polymeric zinc complex, which delivers significant performance and cost advantages in detergent and industrial applications.
John R. Shaw, CEO of Itaconix, stated: "Our proprietary zinc polyitaconates are gaining recognition for their unique benefits in odor neutralization. The close work and collaboration between Croda and Itaconix show the potential and value of using smart partnering to rapidly bring continuous innovation to customers around the world."
Ends
For further information please contact:
Itaconix |
+1 (603) 775 4400 |
John R. Shaw / Laura Denner |
N+1 Singer |
+44 (0) 207 496 3000 |
Richard Lindley / James Moat (Corporate Finance) Mia Gardner (Corporate Broking) |
About Itaconix
Itaconix plc is a leading innovator in bio-based functional ingredients for improving the safety and performance of homecare, personal care, and industrial products. Its proprietary polymer technology generates a growing range of new ingredients with unique functionality that meet consumer demands for value and sustainability.
www.itaconix.com
About Croda
Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world's biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.
They have a network of over 4,500 passionate and committed employees, working together as one global team across manufacturing sites and offices in 38 countries. Croda is a FTSE100 company with a flexible structure that allows them to focus on developing and delivering innovative, sustainable ingredients that their customers can build on in: Personal Care, Health Care, Crop Care, Seed Enhancement, Smart Materials, Energy Technologies, Home Care and water and Industrial Specialities.
www.croda.com
