Symphony Plastic Technologies PLC
09 August 2005
For Immediate Release 9th August 2005
Symphony Plastic Technologies PLC
Conclusion of Contract
Symphony Plastic Technologies ('Symphony'), the degradable plastics company,
today reports that, following a competitive tender process, the supply of its
degradable carrier bags to Somerfield and Kwik Save will come to an end in the
latter part of October 2005.
The initial contract agreed in August 2002 was originally intended to run for a
12 to 15 month period but will have been successfully in operation for more than
three years when the current agreement concludes. The contribution, before any
central costs, from this contract was approximately £260,000 over the first
seven months of the current financial year.
Michael Laurier, Chief Executive Officer of Symphony, said:
'Naturally we are disappointed to lose such a high profile customer after
sharing an extremely good relationship over the last three years. However, in
any competitive situation we have to balance the benefits of the contract
against its commercial viability and our wider ambitions. We are very actively
pursuing other significant opportunities internationally and in the UK in the
knowledge that environmental concerns, together with consumer and legislative
pressure, are creating a greater level of interest than ever for our d2w(R)
environmentally responsible products.'
For more information, please contact:
For further information:
Symphony Plastic Technologies Plc
Michael Laurier, CEO
Allan Blacher, COO +44 (0)20 8207 5900
Citigate Dewe Rogerson
Patrick Toyne Sewell / Ged Brumby +44 (0)20 7638 9571
Further information on Symphony Plastic Technologies plc
Symphony develops and supplies environmentally responsible plastic packaging
products and additives, which are distributed primarily to the retail, local
authority and health related sectors. The Group's main technology, d2w(R),
allows plastic to degrade, leaving only water, a minimal amount of carbon
dioxide and trace amounts of non-toxic biomass over a short time period. The d2w
(R) product range now includes additives, carrier bags, refuse sacks, mailing
wrap, stretch film, aprons, and packaging films.
Symphony has a strong blue-chip customer base in the UK and has successfully
established itself as an international business after signing distribution
agreements with companies in Brazil, Canada & USA, New Zealand, South Africa,
the Caribbean, Saudi Arabia, Colombia and Qatar. Further information on
Symphony can be found at www.symphonyplastics.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
This information is provided by RNS
The company news service from the London Stock Exchange
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