Novozymes Distribution Agreement

RNS Number : 4546M

Plant Health Care PLC

12 January 2023

 

12 January 2023

Plant Health Care plc

("Plant Health Care" or the "Company")

Plant Health Care ("PHC") and Novozymes Announce Distribution Agreement to Commence First Harpin ab Commercial Sales in India 

Plant Health Care®(AIM: PHC.L) and Novozymes South Asia Pvt. Ltd. ( NASDAQ OMX: NZYM-B) have signed an agreement for the exclusive distribution of Harpin ab for use in sugar cane production in India.

First commercial sales are expected to commence in the second half of 2023, after receipt of the required regulatory approvals. This is the first product introduced into India by PHC. India is the world's second largest producer of sugar cane with about five million hectares under cultivation. Harpin α has been used on more than 180,000 hectares of sugar cane in Brazil since the launch in 2018.

Evaluated by Novozymes in prior growing seasons in India, the application of Harpin ab  to sugar cane bolstered crop yield by more than 10% on average. Harpin works by triggering the plant's own self defense systems, in a manner similar to vaccinations in humans, with crops responding with improved quality, nutrient use efficiency, tolerance to abiotic stress and ultimately, increased yield. Being a biological product, Harpin α has a very favorable human and environmental safety profile.

Jeff Tweedy, CEO of Plant Health Care,  said: ‟Building on the success of our Harpin product on sugar cane in Brazil, it was natural to launch the product in India, the world's second largest producer of sugar cane. Novozymes is a leading supplier of biological products to sugar cane processors in India and will be a strong distribution partner for Plant Health Care's technology.  Commencing commercial sales in India will materially support continued strong revenue growth at PHC consistent with previously announced aspirations. First sales in India are expected in H2 2023 pending regulatory approvals."

Shanmugam Sambanthan, Novozymes India Commercial Head of Agriculture commented: "Sugarcane production must be increased in order to achieve the transition to cleaner energy sources envisaged under India's National Policy on Biofuels.  Novozymes is delighted to be working with Plant Health Care to offer Indian farmers a revolutionary biostimulant, Harpin , that enhances sugarcane yield and provides superior economic returns."

For further information, please contact:
 

Plant Health Care plc Jeff Tweedy, CEO	[phone]
Cenkos Securities plc - Nomad & Broker Neil McDonald / Pete Lynch	[phone]
SEC Newgate (Financial Communications) Robin Tozer / Richard Bicknell / George Esmond	[phone] [e-mail]
Novozymes Media Relations Lina Danstrup, Head of Media Relations	[phone] [e-mail]

About Plant Health Care

Plant Health Care offers products to improve the health, vigour and yield of major field crops such as corn, soybeans, potatoes and rice, as well as specialty crops such as fruits and vegetables. We operate globally through subsidiaries, distributors and supply agreements with major industry partners. Our innovative, patent-protected biological products help growers to protect their crops from stress and diseases, and to produce higher quality fruit and vegetables, with a favourable environmental profile.

Find out more at  www.planthealthcare.com

About Novozymes

Novozymes is the world leader in biological solutions. Together with customers, partners, and the global community, we improve industrial performance while preserving the planet's resources and helping build better lives. As the world's largest provider of enzyme and microbial technologies, our bioinnovation enables higher agricultural yields, low-temperature washing, energy-efficient production, renewable fuel, and many other benefits that we rely on today and in the future. We call it Rethink Tomorrow. http://www.novozymes.com

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.

 

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