German specialty chemicals company LANXESS and FRX Innovations have signed a memorandum of understanding to evaluate a contract manufacturing of FRX's patented NOFIA products, explore potential marketing of NOFIA flame retardants, and potentially produce a raw material necessary for the production of NOFIA flame retardants. LANXESS believes that FRX's NOFIA technology will capture important market share in the flame retardant market. FRX sees this partnership as a step in the growth of its NOFIA business and believes that a strategic partnership with LANXESS can help capture growth opportunities in the environmentally sustainable revolution driving the flame-retardant industry.
CHELMSFORD, Mass. – German specialty chemicals company LANXESS a global player in the chemical industry and one of the largest flame retardant producers, and FRX Innovations (TSXV:FRXI) (FSE:W2A.F) (OTC QB: FRXIF) (“FRX” or the “Company”), a leading global developer and manufacturer of environmentally sustainable polymeric flame-retardant additives, have announced the signing of a memorandum of understanding covering:
- the evaluation of a contract manufacturing, by LANXESS, of a family of FRX patented NOFIA® products,
- the potential production by LANXESS, of an FRX patented raw material necessary for the production of NOFIA® flame retardants,
- the exploration of potential marketing by LANXESS of NOFIA® flame retardants in specific sectors and/or geographies.
“Being a unique polymeric, sustainable flame-retardant solution, the NOFIA® range fits perfectly with LANXESS’ existing phosphorus flame retardant portfolio and long-term strategy of sustainable flame-retardant solutions,” said Karsten Job, Managing Director of LANXESS’ Polymer Additives business unit. “We believe that FRX’s NOFIA® technology will capture important market share in this market.”
“This relationship with LANXESS is a definitive step in the growth of our NOFIA® business,” said Marc Lebel, CEO of FRX Innovations. “As a direct consequence of recently passed legislation, market dynamics have changed significantly, causing NOFIA® products to be pulled into large new application areas. LANXESS operates one of the world’s premiere Flame-Retardant Additives businesses and we believe that a strategic partnership with LANXESS can be pivotal to capturing the considerable growth opportunities ahead for us both.”
Lebel continued, “The relationship we are discussing fits well with FRX’s mission to be a leader in the environmentally sustainable revolution now driving the flame-retardant industry.”
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.