Business
Contract Win
Contract Win.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Environmental Tech. PLC\n29 April 2008\n\n\n\n\n\n\n SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC\n\n Distribution and Manufacturing Agreement for the Middle East -\n Largest d2w(R) Volume Agreement to date\n \nSymphony Environmental Technologies Plc ('Symphony' or 'the Group'), the\ndegradable plastics and waste-to-energy Group, is pleased to announce the\ncompletion of a Distribution and Manufacturing Agreement ('the Agreement') with\nthe Fujairah Plastics Group ('Fujairah') of Sharjah, United Arab Emirates\n('U.A.E.'), through its wholly-owned subsidiary, Symphony Environmental Limited.\n\nThe term of the Agreement is 15 years and is exclusive for specific grades of\nnewly developed d2w(R) degradable polymers to be distributed by Fujairah in the\nterritories of the U.A.E., Bahrain, Kuwait, Oman, Egypt, Libya, Syria and\nJordan.\n\nThe Agreement is in two phases. The first, the supply phase, is expected to be\nfor a period of up to 9 months, followed by the second phase, whereby Fujairah\nwill commence its own production under licence.\n\nIn the supply phase, Symphony will deliver d2w(R) polymers directly to\nFujairah's newly established operating company in the U.A.E., Ecopolymers\nCompany. A minimum commitment has been received from Fujairah for 500 tons of d2\nw(R) polymer for delivery between 30th May and 20th August 2008. Once the\nproduction phase is established, Fujairah is expected to produce volumes of more\nthat 500 tons of d2w(R) polymer monthly.\n\nThe Agreement is the largest for the distribution of d2w(R) polymer to date.\n\nKhalid Al Kaabi, Managing Director - Fujairah Plastic Group (Sharjah) (U.A.E),\nsaid:\n\n'We are very pleased to announce the completion of this milestone Agreement with\nSymphony for its environmentally responsible d2w(R) oxo-biodegradable plastic\ntechnology. Fujairah is one of the largest and fastest growing carrier bag\nproducers in the U.A.E. and is concerned with the environmental effects of\nplastic pollution caused by littering. The demand for a competitive eco-friendly\nproduct is expected to be substantial and in the past week our volumes have\nnearly doubled with the award of a new contract by the Sharjah Co-operative for\nd2w(R) carrier bags. Our group is committed towards the protection of the\nenvironment and we will therefore be encouraging our customers to change to d2w...