24th Oct 2019 12:13
(Alliance News) - Specialty polymers firm Itaconix PLC said Thursday it has expanded its existing global supply and joint marketing agreement with Croda Inc, a subsidiary of FTSE 100 chemicals firm Croda International PLC.
Under the expanded agreement, Itaconix will include an additional polymeric zinc complex to the product line it already supplies to Croda, receiving a milestone payment of USD60,000 as a partial contribution towards the completed development of the new polymeric zinc complex.
The agreement between Itaconix and Croda was first signed in 2017, for the supply of the former's polymer-based odour removal additive Itaconix ZINADOR 22L, for home and industrial applications.
The new complex, ZINADOR 35L is a more concentrated version, designed for use in detergent and industrial applications.
"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," said Chief Executive Officer John Shaw.
Shares in Itaconix were down 1.6% at 1.50 pence on Thursday in London, while Croda shares remained flat at 4,760.0p.
By Dayo Laniyan; [email protected]
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