7th Sep 2016 08:47
LONDON (Alliance News) - AIM-listed specialty chemicals company Revolymer PLC on Wednesday said the first commercial sales of Itaconix have been made for use in a private-label dishwashing detergent marketed by a large, unnamed US retailer.
Revolymer agreed to acquire Itaconix Corp, a privately-owned US polymer company, for GBP13.0 million in June.
Revolymer said that with new regulations set to come in Europe in 2017 limiting the use of phosphates in dishwashing detergents, the new polymer from Itaconix should have significant commercial potential to be used in replacing those phosphates.
"We are pleased that the Itaconix business has started to deliver on the potential we saw that underpinned the recent acquisition. Whilst limited in quantum, the first commercial sale is an important step forward and we look forward to further developments in due course," said Revolymer Chief Executive Kevin Matthews.
Shares in Revolymer were up 2.3% to 39.90 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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