BURLINGTON, ON, July 29,
2024 /CNW/ - EcoSynthetix Inc. (TSX: ECO)
("EcoSynthetix" or the "Company"), a renewable chemicals company
that produces a portfolio of commercially proven bio-based
products, today announced it has won new business to supply its
biopolymers to two new lines at existing accounts. The wins consist
of a new tissue paper line using SurfLock™ strength aids and a new
coated paper line using EcoSphere® biolatex.
"These two new wins validate the performance of our product
offering across multiple end markets as a solution that offers
innovation and value to large global manufacturers," said
Jeff MacDonald, CEO of EcoSynthetix.
"An important aspect of our commercial strategy beyond winning new
accounts is expanding within existing accounts that already use our
technology at another facility or line. Our pipeline of
opportunities, in particular for our SurfLock™ strength aids,
continues to build and advance with both existing accounts and new
prospects. Our existing commercial relationships represent an
addressable market for our technology in the hundreds of millions
in topline revenue just on their own. Industrial change is hard. We
are replacing entrenched technologies that have often been used for
decades in the manufacturing process. But we continue to
demonstrate the advantages of our binders and strength aids with
new wins and expanded usage on existing lines."
The new tissue line is operated by an existing account that uses
SurfLock™ at a separate facility. A typical tissue line represents
up to a $250,000 per annum
opportunity. The Company has been working with this account for
more than a year at the first facility.
The new coated paper line is operated by a large paper and
packaging manufacturer that uses EcoSphere® on a different line in
its paperboard production. The Company has been working with this
account for multiple years on packaging applications and the
account transitioned that work into its coated paper division. A
typical packaging or paper line represents a $0.5 million to $3
million per annum opportunity. Management continues to
believe that the opportunity in the graphic paper end market is
diminished due to macro demand headwinds in that end market.
However, EcoSphere® has a proven track record of performance and
value with manufacturers that continue to supply that end market
and EcoSynthetix will continue to support those manufacturers.
About EcoSynthetix Inc. (www.ecosynthetix.com)
EcoSynthetix offers a range of sustainable engineered
biopolymers that allow customers to reduce their use of harmful
materials, such as formaldehyde and styrene-based chemicals. The
Company's flagship products, DuraBind™, Surflock™, Bioform™ and
EcoSphere®, are used to manufacture wood composites, personal care,
paper, tissue and packaging products, and enable performance
improvements, economic benefits and carbon footprint reduction. The
Company is publicly traded on the Toronto Stock Exchange
(T:ECO).
SOURCE EcoSynthetix Inc.