Symphony Environmental Technologies Plc is pleased to announce that it hasentered into a significant collaboration with Meditechs Global Co Limited(“Meditech”) through the conclusion of four separate agreements ondistribution, manufacturing, marketing and corporate investment.
This collaboration is intended to accelerate and expand sales of d2w and d2ptechnologies and finished products in China and globally, throughMeditech’s established network of manufacturers and commercial end-users.
Meditech is the holding company of a group of established glovemanufacturers with factories in Malaysia and China, specialising in medicalgrade nitrile disposable gloves.
Symphony has appointed Meditech as an authorised distributor for its d2wand d2p additive and masterbatch technologies in China, with exclusivityagreed for sale to five specific Chinese companies. The distributionagreement is for an initial 10-year term.
The manufacturing agreement will enable Meditech to produce prototypebatches of gloves containing d2p and/or d2w and to seek certification ofthe gloves for sale in the EU and the US under PPE, Medical Device and FoodContact regulations.
Technical cooperation is already progressing and is expected to take up tosix months with Sales Agreements anticipated much sooner in some markets.If the trial batches are successful, commercial quantities of each type ofglove will be agreed, with Meditech paying for the additives, plus aroyalty for the use of Symphony’s IP and branding.
The manufacturing agreement is for an initial 5-year term, and Meditech hasstated its ambition that all gloves manufactured by them will be made with d2p anti-microbial and d2w oxo-biodegradable technology before 2024.
Exclusive supply of d2w and d2p is envisaged for glove manufacture inMalaysia and China if sales of Meditech gloves incorporating d2p and/or d2wexceed an annual threshold of 100 million gloves.
In addition to the above, Meditech has appointed Symphony as an authorisedbut non-exclusive global distributor for its nitrile gloves made withSymphony’s d2p and/or d2w technologies. Exclusivity is envisaged forcertain companies and/or territories, to be specified if sales exceed asignificant threshold. The marketing agreement is for an initial 3-yearterm.
Finally, in order to align the commercial and corporate interests ofSymphony and Meditech. Meditech has undertaken that it will acquire apercentage of the total issued ordinary share capital of Symphony.
Michael Laurier, CEO of Symphony, said “These agreements will provide
Symphony with a much stronger presence in the Far East and give us a secure
supply of gloves made with our antimicrobial and/or biodegradable
technology for our growing international trade in gloves.
Andrew Dai, President of Meditech, added “For many years our focus has beenon products which protect human health, and we welcome the opportunity tomake these products even more effective by using Symphony’s d2pantimicrobial technology. We are pleased that Symphony wishes to marketthem through its worldwide distribution network.
Furthermore, we are impressed by Symphony’s other d2p products andconfident that there will be demand for them in our markets in China, andelsewhere in Asia. At the same time, we are increasingly concerned toprotect the environment, and we see much potential in Symphony’s d2wtechnology for dealing with plastic waste which gets into the openenvironment. This is a huge problem in Asia.
Finally, we will be making an equity investment in Symphony to align our
commercial and corporate interests”
ABOUT SYMPHONY
Symphony has a diverse and growing customer-base and has established itselfas an international business with 74 distributors around the world.Products made with Symphony’s plastic technologies are now available innearly 100 countries and in many different product applications. Symphonyitself is accredited to ISO9001 and ISO14001.
Symphony is a member of The OPA (www.biodeg.org) and actively participatesin the Committee work of the British Standards Institute (BSI), theAmerican Standards Organisation (ASTM), the European Standards Organisation(CEN), and the International Standards Organisation (ISO).
Further information on the Symphony Group can be found atwww.symphonyenvironmental.com and twitter @SymphonyEnv See also Symphony onInstagram and facebook. A Symphony App is available for downloading tosmartphones.
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