Polymer specialist Revolymer PLC (LON:REVO) has clinched an exclusive supply and marketing agreement with Footsie speciality chemicals outfit Croda International PLC (LON:CRDA).
The agreement relates to a polymer-based odour removal additive ZINADOR 22L made by Revolymer’s US subsidiary, Itaconix.
Under the terms of the agreement, the parties will work together to grow and supply worldwide demand for ZINADOR.
Itaconix will produce ZINADOR for Croda and Croda will market and sell ZINADOR in household, municipal, animal and industrial applications, subject to certain terms and conditions.
Itaconix will continue to provide its technical and marketing expertise to jointly expand applications and geographic opportunities for ZINADOR with Croda.
“Croda has a strong track record of delivering innovation in the target markets for ZINADOR. We are pleased that they are advancing ZINADOR after the success of our initial joint customer development efforts,” said Dr Kevin Matthews, chief executive officer of Revolymer.
“We expect the supply arrangement will start to generate new revenues in 2017, and are excited to close the first major collaboration for our novel itaconic acid polymer technology platform so quickly after acquiring Itaconix last year," he added,
Revolymer bought Itaconix for an initial US$7mln in June of last year. The final cost of the acquisition could rise as high as US$13mln.
Itaconix is a high-growth specialty polymer company that develops and commercialises novel polymers based on its proprietary itaconic acid polymerisation technology.