Symphony Environmental Technologies (SYM) announced that it has received approval from Health Canada, the department of the Government of Canada that is responsible for national health policy, for its d2p antimicrobial food contact technology used in bread packaging.
The London-listed Company, which is focused on making plastic and rubber products "smarter, safer and sustainable”, originally received approval from the U.S. Food & Drug Administration ("FDA") for its d2p antimicrobial food contact technology back in July 2021.
Symphony's d2p antimicrobial food contact technology is intended to inhibit the growth of bacteria on the surface of the packaging film and is vital to a very hygiene-conscious industry.
The Company has explained that the approval covers ‘a much greater loading’ of the d2p technology, and also wider use, of its original bread-packaging approval under FCN no. 2031.
The approval for the d2p now applies to all types of polyolefin and polyester film for wrapping bread, instead of just linear low density polythene, ‘so as to inhibit the growth of bacteria on the surface of the packaging film, which is vital in a very hygiene-conscious industry.’
According to the Global Data report 2019 (Bread & Rolls / Bakery & Cereals) Market in the United States of America - Outlook to 2023) the US Packaging/Industrial Bread & Rolls Market by Volume in 2018 was 3,628 million kgs with a market value of more than $20 billion.
Shares in Symphony Environmental Technologies have increased by nearly 10% in value since the beginning of the year. The stock was trading 3.77% higher this morning at 27.5p
Symphony said this market represents “a significant opportunity” as it expects the d2p solution to prove a key source of commercial differentiation for packaged bread manufacturers.
In July, it said re-commercial trials for the USA and a number of other countries had already been progressing well in anticipation of the widened approval, with trial data showing significant benefits from these further enhanced, and now FDA-approved, d2p treated films.
Symphony explained that it already generates significant revenues from the baking industry from the group’s d2w biodegradable technology in plastic packaging, and that it is seeing considerable interest in its FDA-approved, d2p antimicrobial technology for bread packaging.
Commenting at the time of approval, Michael Laurier, Chief Executive Officer of Symphony said: “d2p is synergistic with d2w biodegradable technology and is expected to be sold to many of our current customers as well as new ones separately, or as a combined treatment.”
"We have been working for some time with customers in Canada, and approval from Health Canada now enables this project to proceed more quickly to commercialisation,” he added.
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