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Itaconix expands global supply agreement with Croda

The polymers specialist will receive a US$60,000 milestone payment in exchange for adding ZINDOR 35L, a concentrated odour neutraliser, to the existing product line

Itaconix PLC - Itaconix expands global supply agreement with Croda
The company has supplied ZINADOR 22L, another variant of the product, to Croda since 2017

Itaconix PLC (LON:ITX) has expanded its existing global supply agreement with FTSE 100 chemicals company Croda International Plc (LON:CRDA).

The polymers specialist will receive a US$60,000 milestone payment from Croda in exchange for adding ZINDOR 35L, a water-soluble odour neutraliser, to the ZINADOR 22L product line that it already supplies to the group.

WATCH: Itaconix PLC's John Shaw on expanded supply agreement with Croda

While ZINADOR 22L can be used in home and industrial applications, ZINDOR 35L is a more concentrated version which Itaconix says delivers “significant performance and cost advantages” when used in detergent and industry.

“The close work and collaboration between Croda and Itaconix show the potential and value of using smart partnering to rapidly bring continuous innovation to customers around the world", said Itaconix chief executive John R. Shaw.

In early trading on Thursday, Itaconix shares were 1.6% higher at 1.6p.

--Adds share price--

Quick facts: Itaconix PLC

Price: 1.467 GBX

AIM:ITX
Market: AIM
Market Cap: £3.95 m
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Itaconix PLC's John Shaw on expanded supply agreement with Croda

Itaconix PLC's (LON:ITX) John Shaw tells Proactive London's Andrew Scott they've expanded its existing global supply agreement with FTSE 100 chemicals company Croda International Plc (LON:CRDA). Shaw says they'll receive a US$60,000 milestone payment from Croda in exchange for adding ZINDOR...

on 24/10/19

2 min read