Alexium International Group (ASX:AJX) has formally partnered with Benwel, Inc., a South Carolina-based uniform developer.
Alexium will work with Benwell to introduce a fire retardant undergarment for the auto racing industry treated with both Alexiflam™ and Alexicool™ technology.
Benwel, Inc. will commence targeting NASCAR™ with an anticipated product launch in the second half of 2017 and expanding into other racing segments such as Indy Car™ and Sprint Cup™.
The sales value of this market to Alexium is anticipated to be over US$3 million by mid-2018 contingent to meeting or exceeding currently targeted margins.
Dirk Van Hyning, deputy CEO, commented: “Partnering with an organisation with significant experience in the auto racing industry will greatly increase visibility into the marketplace and accelerate Alexium’s time to market.”
Background
Alexium holds proprietary patent applications for novel technologies developed to provide flame retardancy for a wide range of materials.
These environmentally friendly flame retardants have applications for a number of industries and can be customized.
Further, Alexium has developed products for a range of other applications including phase-change materials, water repellents, antimicrobials, and combinations thereof.
Applications under development include but are not limited to textiles, packaging, electronics, and building materials.
Alexium’s chemical treatments are currently marketed under the Alexiflam™, Alexiflam FR™, Alexiflam SYN™, Alexiflam NF™, Alexiflam AD™, Alexiflam PB™, and Alexicool™ brand names.
Recent appointments
Alexium recently welcomed former U.S. congresswoman Karen Thurman to its board as a non-executive director.
Thurman has served as a city councilwoman, a mayor, a Florida state official, a member of the United States House of Representatives and been involved with many civic organisations.
This appointment followed the promotion of Dirk Van Hyning to the position of chief executive officer, effective from June 30th, 2017.
Van Hyning will take over from Nicholas Clark, who remains on the board and assumes the new role of executive director strategy reporting to the chairman.