Re Contract
Symphony Plastic Technologies PLC
09 August 2004
For Immediate Release
9 August 2004
SYMPHONY PLASTIC TECHNOLOGIES PLC
Manufacturing and Know-How License
Symphony Plastic Technologies Plc ('Symphony'), through its wholly owned
subsidiary Symphony Environmental Ltd, has entered into a three year
manufacturing and know-how license with Astrapak Limited, a large South African
plastic company.
Astrapak Limited (APK) is a South African public listed company whose shares are
traded on the Johannesburg Securities Exchange. Astrapak is a dominant player in
the South African packaging sector and is also an exporter of its products.
Astrapak's reported revenue for the period ended 29 February 2004 was R1.35
billion.
The three year agreement will allow Astrapak to manufacture, sell and market an
extensive range of polythene products into an expanding customer base using
Symphony's d2wTM technology. The minimum volume of plastic to be converted in
the first year is expected to be not less than 2,500 tons. The value of the
contract over the three year period will be a minimum of E405,000.
Johan Venter, Divisional C.E.O, Astrapak said:
'The agreement with Symphony formalises an active and developing working
arrangement that has been in place for some time. I am delighted by the response
from our customers and also potential customers since we launched the first
range of d2wTM degradable products last year in many of South Africa's retail
outlets. We are an environmentally responsible company that is seeing increasing
demand for degradable products and our aim looking ahead is to use this
technology in as many applications as possible'.
Michael Laurier, Chief Executive Officer, Symphony said:
'Symphony has been working very closely with Astrapak for some time in the
development of a viable and commercially acceptable technology package in order
to create a range of environmentally responsible totally degradable plastic
products. Our d2wTM technology is being supplied, through Astrapak, to some of
the largest companies in South Africa. I am delighted that we have now entered
into a formal license arrangement which will allow both Astrapak and Symphony to
take full advantage of the considerable opportunities that exist for degradable
plastic products.'
For further information, please contact:
Symphony
Michael Laurier, Chief Executive Tel: +44 (0)20 8207 5900
Citigate Dewe Rogerson Tel: +44 (0)20 7638 9571
Victoria Brough
Ged Brumby
Astrapak
Johan Venter, Divisional Chief Executive Tel: +27 21 948 0717
Notes to Editors:
Information on Symphony
Symphony develops and supplies environmentally responsible plastic packaging
products, which are distributed primarily to the retail, local authority and
health related sectors. The Group's main technology, d2wTM, allows plastic to
harmlessly degrade, leaving only water, carbon dioxide and trace amounts of
biomass.. The current d2wTM product range includes additives, mailing wrap,
bags, sacks, stretch film, aprons, dog waste sacks and packaging films.
Symphony has a strong blue-chip customer base in the UK including Somerfield,
Co-op, BUPA Healthcare and the Soil Association as well as many local
authorities. It is also successfully establishing itself as an international
business after signing contracts with companies in Brazil, Canada, USA, New
Zealand, South Africa, the Caribbean and the Middle East. Further information
on Symphony can be found at www.degradable.net and.www.symphonyplastics.co.uk.
Information on Astrapak
Astrapak Limited manufactures and supplies a wide range of plastic packaging
products. The Group has manufacturing facilities in all the main centres of
South Africa and a joint venture in Mauritius.
The operations are grouped into three divisions, namely Films, Rigids and
Flexibles and service principally the pharmaceutical, personal care, food and
beverage, agricultural, industrial and retail markets.
Astrapak has, since inception, invested in businesses that are market leaders or
have significant technological advantages to exploit the global move towards
plastic packaging. The Group focuses on service, innovation and technology in
order to achieve superior returns for shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange