TIDMSYM
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
Zeus Capital Limited (Nominated Adviser and Joint Broker)
David Foreman / Kieran Russell / Guy Brinkley Tel: +44 (0) 161
(Corporate Finance) 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
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
The Group has developed a range of additives, concentrates and
masterbatches marketed under its d(2) p(R) ("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(R) 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(R), 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
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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