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Itaconix's shares leap in reaction to partnership with AkzoNobel
Chemical design and manufacturing firm Itaconix announced on Wednesday that it has entered into a joint marketing effort for its bio-based chelates with chemicals giant AkzoNobel.
According to the AIM traded company, the final details of any arrangement concerning the bio-based chelates, which are primarily for use in detergents and cleaners, remain to be finalised but both parties expect that the agreement can be completed by the end of the year.
In a statement Itaconix said: "The goal is to establish a strong multi-year relationship to deliver Itaconix's innovative bio-based chelates to customers worldwide, thereby supporting the development of high performance, sustainable, consumer products using Itaconix technology."
Itaconix also produces a Itaconix CHT, water conditioner for binding calcium that has replaced banned phosphates, RevCare NE, a hairstyling polymer, and stain removal product Eurero RP1-3.
The majority of the company's products are bio-based and derived from itaconic acid from corn starch, thus helping customers with the sustainability of their own consumer products.
As of 1101 BST, Itaconix's shares were up 108.70% at 12.00p.