REG - Symphony Environment - Symphony India operations update

Symphony Environmental TechnologiesAnnouncement

29/09/2022 07:16

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RNS Number : 0820B  Symphony Environmental Tech. PLC  29 September 2022

29 September 2022

 

SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC

 

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

 

Sharp increase in Symphony India sales

Indian regulations driving adoption of d2w

 

Symphony Environmental Technologies Plc (AIM:SYM), the global specialists in
technologies that make plastic and rubber products smarter, safer and more
sustainable, is delighted to announce that Symphony Environmental India Pvt
Ltd ("Symphony India"), its Indian joint venture with Indorama Corporation
has, from a near standing start, reported a significant increase in sales of
d2w, the Company's biodegradable masterbatch technology, for the manufacturing
of non-biodegradable plastics into biodegradable and environmentally safe
products.

 

Based on current enquiry and order activity, sales of d2w by Symphony India
are expected to increase to levels of over £250,000 per month from early
2023. Further investment is being made by Symphony India to enhance its
marketing and sales capability, with five new experienced employees expected
to join shortly. This investment is being made now to enable Symphony India to
strengthen its position in the Indian market which it estimates could generate
over £10 million in annual sales during the course of 2024.

 

Symphony India has an established high level management team to support a
pan-India distribution network. It currently has 16 new hub distributors
either in place or in final contact discussions. Hub distributors are large,
well-connected third-party companies with strong customer connections, and
expert technical and sales personnel. If appointments continue on the current
trajectory, more than 30 hub-distributors should be in place before the end of
H1-2023.

 

The increase in sales is being driven by the Plastic Waste Management Rules
2022 (as amended 6.7.22) which permits government-approved biodegradable
plastic products to be exempted from restrictions that would ban most plastic
film products unless they are above 50-micron thickness, and 120 microns for
carrier bags, (which generally means an increase in cost by more than two to
three times). Producers and brand owners using certified biodegradable
plastic materials will be free from this obligation, thus providing Symphony's
d2w technology with a competitive advantage in a country with a population of
c.1.4 billion.

 

Symphony's d2w technology has been tested by Intertek India, a
Government-approved laboratory, to the ASTM Standard 6954 (an internationally
recognised standard for proving biodegradability and non eco-toxicity of
plastic products in the open environment), and Symphony India is waiting for
official approval that producers using d(2)w technology will be exempt from
the regulations.  Customers are however, already placing orders and activity
is increasing as stated above.

 

Michael Laurier, CEO of Symphony, said;

 

"India is a country whose environment suffers from serious plastic pollution,
but plastics are vital for food safety in this populous nation. These
progressive Regulations are therefore a welcome step in combatting plastic
pollution.

 

"Symphony India is extremely well placed to help its customers in the region
to be compliant with the Regulations by making their plastic products safer
and more sustainable, without having to sacrifice the best properties of these
materials, nor having to modify their manufacturing process or pay
substantially increased costs.

 

"Symphony India's ambitious sales development and investment programme is
progressing well, and we look forward to updating shareholders on progress in
the coming months."

 

Arjun Aggarwal, Managing Director of Symphony India, said:

 

"We are witnessing leading companies implementing Prime-Minister Modi's
sustainability goals for India through the adoption of both innovative and
proven technologies to make plastics environmentally friendly. Symphony India
was the recipient of a major sustainability award at the Vivekananda
Sustainability Summit in New Delhi in April 2022, and is delighted to be at
the forefront of this important change."

 

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 (Nominated Adviser and Joint Broker)
 David Foreman / Kieran Russell (Investment Banking)                   Tel: +44 (0) 161 831 1512
 Dominic King / Victoria Ayton (Corporate Broking)                     Tel: +44 (0) 203 829 5000

 Hybridan LLP (Joint Broker)

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

 Houston (Financial Public Relations)                                  Tel: +44 (0)204 529 0549

 Kay Larsen / Joe Burgess

 

 

About Indorama Corporation

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

 

Indorama Corporation is a leading materials organisation 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 fertiliser 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 India

 

As announced in November 2021, Symphony India is a joint venture company in
India with Indorama India Private Limited ("Indorama"), a wholly owned
subsidiary of Indorama Corporation Pte. Ltd., ("Indorama Corporation"). Called
Symphony Environmental India Pvt Ltd, the shares are 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 India started trading in February 2022.

 

 

About Symphony Environmental Technologies plc

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

 

Symphony 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, much of which has been recycled before it
degraded. In some countries in the Middle East this type of biodegradable
plastic is mandatory.

 

The Group has also 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 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).

 

Symphony is a recipient of the LSE's Green Economy Mark and was  named "ESG
Company of the Year" at the November 2021 Small Cap Awards in London.

 

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.

 

 

 

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