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Itaconix inks new supply and license agreements with New Wave

The agreement is for a new dishwasher formula that uses the company's TSI 322 detergent polymer and is expected to be rolled out later this year

Itaconix PLC - Itaconix inks new supply and license agreements with New Wave

Itaconix PLC (LON:ITX) (OTCMKTS:ITXXF) shares surged on Wednesday as it signed supply and licensing agreements with North American detergent supplier New Wave Global Services Inc for a new dishwasher detergent formulation.

The formula is based on Itaconix’s TSI 322 detergent polymer, which the company introduced last month, with the roll-out of the product expected to commence later this year.

READ: Itaconix unveils new functional additive that can enhance biodegradable plastics

Under the agreement, Itaconix will supply New Wave with up to 1mln pounds of its polymers over the next two years, when volumes from the latter’s new and existing customers are expected to ramp up.

"We look forward to accelerating our work with New Wave on the opportunities ahead for a new generation of dishwashing detergents”, said Itaconix chief executive John R. Shaw.

With these agreements and other prospects providing a strong pipeline, I am excited about our growth trajectory and broader recognition our polymers are gaining as key differentiating ingredients in major consumer products", he added.

In afternoon trade, Itaconix shares were 17.9% higher at 1.85p.

 -- Updates share price --

Quick facts: Itaconix PLC

Price: 1.75 GBX

Market: LSE
Market Cap: £7.57 m

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Itaconix PLC - Proactive One2One Virtual Event

Itaconix PLC's (LON:ITX) (OTCQB:ITXXF) John Shaw presents to investors at the Proactive One2One Virtual Conference. Itaconix PLC aims to be a leader in functional polymers that improve the safety, performance and sustainability of our customer’s products.

on 26/7/20

2 min read