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Itaconix rockets as it inks second supply agreement this year with chemicals firm Nouryon

Under the agreement, Itaconix would supply its polymers to Nouryon who would then market them to its customers in personal care products

Sun cream application
Nouryon's products are used in a wide variety of applications including sun screen

Itaconix Plc (LON:ITX) shares rocketed in mid-morning trading Thursday after signing an exclusive supply agreement with chemical firm Nouryon for its bio-based polymers.

Under the agreement, Itaconix would supply its polymers to Nouryon who would then market them to its customers in personal care products such as sunscreen, body wash, and cosmetics.

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Nouryon, which was formerly the speciality chemicals arm of Dutch painting and coatings giant AkzoNobel, sells a wide range of products in the personal care and hair styling industries.

The deal is the second supply agreement signed between the two companies so far this year, with Itaconix having previously agreed to supply its polymers for use in Nouryon’s detergent products back in January.

John R. Shaw, chief executive of Itaconix, said the deal was “another major step” in increasing the company’s revenue growth by “accessing more customer opportunities through worldwide leaders in key application areas”.

Shares in Itaconix were up 55% at 4p.

Quick facts: Itaconix PLC

Price: 1.25 GBX

LSE:ITX
Market: LSE
Market Cap: £3.36 m
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