Symphony Environmental Technologies (AIM:SYM) told investors it has signed a strategic collaboration agreement with Sirane Central Americana, a Mexico-based producer of specialist food-packaging solutions, to jointly market and develop products across fresh-produce and food-packaging markets.
The London-listed group, which makes masterbatches and technologies designed to enhance the environmental performance of plastics, said the agreement runs for an initial two years with automatic extension for a further two years unless terminated under its terms.
The deal builds on Symphony's first commercial supply of its d2p Ethylene Adsorber (d2p EA) technology to Sirane, which the company announced on 15 September alongside independent test results from AIMPLAS, an ISO/IEC 17025-accredited laboratory.
That testing found d2p EA reduced ethylene concentrations by between 16.8% and 46.7% across six test conditions after 48 hours, against 0.8% to 4.0% for conventional polyethylene control films.
Separate banana trials in Spain and South Africa over 14 days showed reduced skin discolouration and sugar-spot formation with no effect on taste.
Under the new agreement, Symphony and Sirane will cooperate on customer introductions, cross-selling, joint marketing, co-branding and the potential manufacture of products for each other under separately agreed commercial terms.
Sirane has told Symphony it holds a substantial position in specialist packaging markets in Mexico, including established applications for blackberries and raspberries, and is expanding into tomatoes and blueberries, with growing sales elsewhere in Latin America.
The immediate focus is enhancing Sirane's existing fresh-produce packaging with d2p EA, while Sirane is also evaluating Symphony's d2w biodegradable technology, with the two potentially combined across parts of Sirane's product range if that evaluation succeeds.
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A further strand covers meat packaging: Sirane has completed development of an absorbent tray-pad technology designed to absorb liquids released by meat products, and is evaluating the incorporation of Symphony's d2p antimicrobial technology into that application.
"This agreement is much wider than d2p EA alone," said Michael Laurier, Symphony's chief executive. "We therefore see this as a platform for several Symphony technologies rather than a single-product relationship."
Symphony said it expects sales of its d2p products through the relationship to show "good growth" over the next 12 months and beyond, though timing and scale will depend on the outcome of ongoing evaluations, customer adoption and commercial roll-out.