‘Smart plastics’ firm Symphony Environmental Technologies plc (LON:SYM) saw its shares jump today on news of the launch of a range of water pipes incorporating its d2p antimicrobial technology in Pakistan.
The AIM-listed group said the launch of the pipes, which are designed to be free from harmful bacteria and fungi, is in partnership with Pakistan-listed firm Dadex Eternit Ltd, with a joint sales team formed to market the product.
In reaction to the news, Symphony shares were up 10%, or 0.62p to 6.88p in early afternoon trading.
Michael Laurier, Symphony’s chief executive said: "We are delighted to be associated with Dadex on their initiatives to improve their plastic pipe products with the incorporation of our d2p additive technology.
“We are also excited to be involved with helping to create this important improvement to an everyday product.”
The launch marks the conclusion of a two year program of scientific testing and technical trials, and the signing of a five year exclusive agreement between Dadex and Symphony's Pakistan distributor, Business Dynamics, for the supply of d2p - which means ‘designed to protect’.
Qazi Sajid Ali, Dadex’s CEO, said "We have made our reputation over the past 57 years by identifying and developing innovative technology for the benefit of our customers and the people of Pakistan.
“Today is the latest milestone in that journey, and we are pleased with the expert cooperation we have received from Symphony and Business Dynamics."