25th Sep 2014 08:05
LONDON (Alliance News) - Revolymer PLC shares were given a boost on Thursday after the company said it has signed a global licensing contract with Belgian chemicals group Solvay SA for its encapsulation technology.
Under the terms of the deal, the first licence awarded by Solvay to the polymer technology company's Consumer Specialties business, Solvay will have exclusive rights to apply the encapsulation technology to its proprietary cleaning and disinfecting active ingredient 6-phthalimido-peroxyhexanoic acid, PAP. The acid is currently commercialised under the Eureco brand name.
As a consideration for the licence, Solvay will make royalty payments to Revolymer on net sales of PAP products which incorporate its technology.
"We are excited to have closed this significant global deal applying our proprietary technology to Solvay's PAP active ingredient," said Revolymer Acting Chief Executive Officer Robin Cridland.
"Solvay's strategy of improving product performance for its customers is closely aligned to Revolymer's own business plan, and, with Solvay's global reach, it is the ideal partner for Revolymer to commercialise its technology in the field of PAP products across broad industries and geographies," Cridland added.
Revolymer shares were up 8.1% to 60.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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