REG - Symphony Environment - Agreement for Middle East manufacturing

Symphony Environmental TechnologiesAnnouncement

08/08/2022 07:00

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RNS Number : 1686V  Symphony Environmental Tech. PLC  08 August 2022

 

 

 

8 August 2022

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

("Symphony", the "Company" or the "Group")

Agreement for Middle East manufacturing

 

Symphony Environmental Technologies Plc (AIM:SYM) global specialists in
technologies that make plastic and rubber products smarter, safer and
sustainable, is pleased to announce the completion of a manufacturing
agreement with Ecobatch Plastic Factory in the UAE ("Ecobatch") (the
"Agreement").

As reported on 1 August 2022, this Agreement is for production of our
biodegradable d2w masterbatch, primarily for supply into the Middle East, but
the factory can also supply our other markets if desired.  Production should
commence during Q3 of this year after ESMA (UAE) and SASO (Saudi Arabia)
certification.

Ecobatch, which is owned within the same family as the Group's distributor in
the region, Ecopolymers, has received state funding to set up this masterbatch
manufacturing facility, which is already producing white, black and coloured
masterbatch products for the plastics industry in the UAE and Saudi Arabia.
This also fits in with Symphony's capital-light model.

The Middle East is one of our prime markets, and the operation of this
Agreement is anticipated to improve stock availability and control throughout
the supply chain, reduce cost, improve efficiencies and increase sales, as
locally-made products are usually  preferred by customers. Importantly, this
is entirely compatible with our ESG strategy and in particular minimising Co2
emissions through lengthy transport systems.

Ecobatch has sufficient capacity to support a substantial increase in demand
in the region, which is anticipated due to wider enforcement of regulations
which support the d2w type of biodegradable technology.

Michael Laurier, CEO of Symphony said "We are delighted to be using Ecobatch
to improve our supply chain and have been working with the owners for many
years now in developing the market for our products, which we believe is
primed for further growth."

Enquiries

 Symphony Environmental Technologies Plc
 Michael Laurier, CEO                                                  Tel: +44 (0) 20 8207 5900
 Ian Bristow, CFO
 www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

 Zeus Capital Limited (Nominated Adviser and Joint Broker)
 David Foreman / Nick Cowles / Kieran Russell (Corporate Finance)      Tel: +44 (0) 161 831 1512
 Dominic King / Victoria Ayton (Sales)                                 Tel: +44 (0) 203 829 5000

 Hybridan LLP (Joint Broker)

 Claire Louise Noyce                                                   Tel: +44 (0) 203 764 2341

 

NOTES TO EDITORS:

About Symphony Environmental Technologies plc

www.symphonyenvironmental.com (http://www.symphonyenvironmental.com)

Symphony has developed and continues to develop and market, a biodegradable
plastic technology which helps tackle the problem of litter and microplastics
by turning ordinary plastic at the end of its service-life into biodegradable
materials. It is then no longer a plastic and can be bioassimilated in the
open environment in a similar way to a leaf. The technology is branded d2w®
and appears as a droplet logo on many thousands of tonnes of plastic packaging
and other plastic products around the world. In some countries, including
Saudi Arabia, Jordan, Bahrain and the UAE oxo-biodegradable plastic is
mandatory. See www.d2w.net

Symphony has also developed a range of additives, concentrates and
master-batches marketed under its d2p® ("designed to protect") trademark,
which can be incorporated in a wide variety of plastic and non-plastic
products so as to provide protection against many different types of microbes,
and insects and rodents, and against fire. d2p products also include odour,
moisture and ethylene adsorbers as well as other types of food-preserving
technologies. Symphony has launched d2p anti-microbial household gloves and
toothbrushes and is developing a range of other d2p finished products for
retail sale.  See www.d2p.net

The Group has complemented its d2w biodegradable product range with d2c
"compostable resins and products" that have been tested to US and EU
composting standards.

Symphony has also developed the d2Detector®, a portable device which analyses
plastics and detects counterfeit products.  This is useful to government
officials tasked with enforcing legislation, and Symphony's d2t tagging and
tracer technology is available for further security.

Symphony has a diverse and growing customer-base and has established itself as
an international business with 74 distributors around the world. Products made
with Symphony's plastic technologies are now available in nearly 100 countries
and in many different product applications. Symphony itself is accredited to
ISO9001 and ISO14001.

Symphony is a member of The BPA (www.biodeg.org) and actively participates in
the Committee work of the British Standards Institute (BSI), the American
Standards Organisation (ASTM), the European Standards Organisation (CEN), and
the International Standards Organisation (ISO).

Further information on the Group can be found at www.symphonyenvironmental.com
and Twitter @SymphonyEnv   See also Symphony on Instagram, Linkedin, and
TicToc. A Symphony App is available for downloading to smartphones.

 

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