Business
Termination of Chelates Agreement
Termination of Chelates Agreement.
About this update from Itaconix Plc
[{"type":"text","content":"\n \nRNS Number : 0954A Itaconix PLC 17 January 2020 \n\n17 January 2020 \nItaconix plc (\"Itaconix\" or the \"Company\")\nTermination of Chelates Agreement\nItaconix (LSE: ITX) (OTCQB: ITXXF), a leading innovator in sustainable specialty polymers, announces that the Company and Nouryon have mutually agreed to terminate their agreement for Nouryon to exclusively distribute Itaconix polymers with chelating properties worldwide for detergent applications.\nThe 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. \nThe Company's agreement to supply Itaconix's proprietary bio-based polymer to Nouryon for personal care applications continues unchanged. \nThe Company's direct sales of polymers and pipeline of active customer projects with detergent brands and producers also continue unchanged.\nDetergent polymers sold directly to detergent producers by Itaconix generated £0.7 million of the £1.1 million in 2019 unaudited revenues announced by the Company last week, representing 68% of total revenues and 37% revenue growth from 2018. Current detergent revenues and prospects for future revenues from the Company's project pipeline are not affected by the termination of the agreement.\nJohn R. Shaw, Chief Executive Officer, stated: \"We greatly appreciate our working relationship with Nouryon and look forward to continuing to work with them in the personal care market. A healthy sign of an effective collaboration is knowing when a particular arrangement is unlikely to meet joint expectations. Our direct efforts to a...