REG - Symphony Environment - Expansion into India

Symphony Environmental TechnologiesAnnouncement

19/11/2021 08:25

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RNS Number : 9617S  Symphony Environmental Tech. PLC  19 November 2021

 

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

 

19 November 2021

 

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

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

 

 

MAJOR EXPANSION INTO INDIA

 

 

Symphony Environmental Technologies Plc (AIM:SYM) global specialists in
technologies that make plastic and rubber products "smarter, safer and more
sustainable" is delighted to announce a strategic alliance with a team of
specialised and experienced people in India who understand the culture and
business requirements of a country with 17.7% of the world's population.

 

Symphony Environmental Limited ("Symphony UK") a wholly owned subsidiary of
the Company, has therefore entered into an agreement to form a joint venture
("JV") company in India with Indorama India Private Limited ("Indorama"), a
wholly owned subsidiary of Indorama Corporation Pte. Ltd., ("Indorama
Corporation"). The JV company, called Symphony Environmental India Pvt Ltd
("Symphony India"), will have an initial share capital, the equivalent in
Indian currency, of GBP 100,000. The shares of Symphony India will be held
46.5% by Symphony UK, 46.5% by Indorama and 7% by Mr. Arjun Aggarwal, an
Indian citizen, who has been appointed Managing Director of Symphony India.

 

Mr Aggarwal is one of India's prominent young entrepreneurs, who has
introduced a portfolio of modern technologies that are in line with the
aspirations of India's young demographic profile.

 

Symphony UK has awarded Symphony India an exclusive Distribution Agreement to
market and sell Symphony's d2w and d2p masterbatches in India. Symphony India
will also be promoting the importance of Symphony's scientifically-proven d2w
technology to protect the environment, and its d2p technologies to protect
human health. The parties are already preparing an active programme of media
communications and direct selling.

 

The use of plastic in India is increasing because it is the lowest cost
option, and is by far the best material for protecting food and water from
contamination and preventing food waste and disease. However, India also has
an environmental problem in common with most of the world with plastic
pollution.  Trying to ban plastic is not the answer, but using d2w technology
could effectively and significantly reduce the issue of plastic pollution
without job losses, factory closures or increases in Co2 emissions. In future,
if d2w enhanced plastic does escape into the environment the plastic will
safely biodegrade instead of lying or floating around for decades and creating
microplastics.

 

The products sold by Symphony India will be produced mainly in India, under
licence from Symphony UK, as this will be both cost-effective and
environmentally-friendly. The parties have negotiated a Manufacturing and
Product Development Agreement with the Bihani Manufacturing Company Ltd.,
("Bihani") in New Delhi, who have been supplying Symphony UK for nearly ten
years.  Their manufacturing facilities have been and will continue to be
audited by Symphony's Technical Dept.

 

Michael Laurier, CEO of Symphony said: "For the Group to expand successfully
in India it was essential for us to form an alliance with a strong Indian
partner. We have no doubt that Indorama is the right partner, as it is a
substantial company well respected in India, with the right commercial
credentials.  This is an expansion of our current activities in India and we
consider the Indian market to be ripe for significant sales growth."

 

Amit Lohia, Group Vice Chairman of Indorama Corporation, said: "Protection of
the natural environment, and the health and safety of the people are very
important objectives in India today, and Symphony's technologies will help to
address those objectives."

 

Arjun Aggarwal, MD of Symphony India said: "The formation of a Joint Venture
company in India is an important milestone for both Symphony and Indorama. It
will lay the foundation of a truly Swachh Bharat (clean India), the vision of
our Prime Minister Narendra Modi. Plastic biodegrading automatically will
ensure that our planet's newest continent - plastic waste - does not grow any
further."

 

Jaideep Bihani, Director of Bihani said: "Innovation and sustainability have
always been an integral part of Symphony's portfolio, and Symphony's tried and
tested d2w products resonate with the Indian Government's vision, initiatives
and policies. At the same time, d2p masterbatch technology will change product
conception and design in agriculture, food packaging, healthcare, and many
other applications. We will be working closely with Symphony India to ensure
efficiency and maintaining the high standards of quality set by Symphony UK."

 

 

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 / Kieran Russell / Guy Brinkley (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

 

The person responsible for arranging the release of this information is
Michael Laurier, CEO of the Group.

 

NOTES TO EDITORS:

 

About Indorama Corporation

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

 

Indorama Corporation is a leading materials organization with wide interests
in fertilizers, polymers, medical gloves, fibres, and yarns with more than 20
manufacturing sites in 9 countries employing over 18,000 people worldwide. It
is the largest fertilizer and petrochemical operator in West Africa where it
manufactures ammonia, urea, olefins, polyolefins, phosphoric acid and
phosphate fertilizers; one of the world's largest producers of synthetic
disposal medical gloves and an integrated producer of cotton and synthetic
spun yarns.

 

 

About Symphony Environmental Technologies plc

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

 

The Group has developed a range of additives, concentrates and masterbatches
marketed under its d(2)p® ("designed to protect") trademark, which can be
incorporated in a wide variety of plastic and non-plastic products so as to
give them protection against many different types of bacteria, viruses, fungi,
algae, moulds, and insects, and against fire. d(2)p products also include
odour, moisture and ethylene adsorbers as well as other types of
food-preserving technologies. The Group has also launched d(2)p anti-microbial
gloves, facemasks, and toothbrushes and is developing a range of other d(2)p
finished products for retail sale.

 

The Group has developed and continues to develop, a biodegradable plastic
technology which helps tackle the problem of 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 d(2)w® and appears as a
droplet logo on many thousands of tonnes of plastic packaging and other
plastic products around the world. In some countries in the Middle East
oxo-biodegradable plastic is mandatory.

 

The Group has complemented its d(2)w biodegradable product range with d(2)c
resins and products that have been tested to US and EU composting standards.

 

The Group has also developed the d(2)Detector®, a portable device which
analyses plastics and detects counterfeit products.  This is useful to
government officials tasked with enforcing legislation, and Symphony's d(2)t
tagging and tracer technology is available for further security.

 

The Group 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 OPA (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. A Symphony App is
available for downloading to smartphones.

 

 

About Bihani

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

 

Bihani Manufacturing Company Pvt. Ltd., a Bihani Group enterprise, is a
leading manufacturer of polymer compounds and masterbatches. The manufacturing
facilities comply with international quality and HSE standards. The company
specialises in compounds for wires and cables, liners and coatings, and
medical and automotive applications.

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