Production interrupted at Itaconix facility after severe storms

The AIM-traded firm said the interruption was caused by water damage from severe rainstorms that occurred during a roofing construction project undertaken by the building owner.

Repairs needed to damaged production equipment would be underway “shortly”, the company said, with production currently expected to restart during December.

“Itaconix expects to meet all customer orders on time from existing finished goods inventories, except for its ‘Itaconix TSI 322’ detergent polymer, leading to some impact on revenues over the coming weeks,” the board said in its statement.

“The company will work with its key TSI 322 detergent polymer customers on the potential for using an alternative detergent polymer grade that is held in stock.”

Insurance held by Itaconix, including business interruption cover, together with the insurance of the construction contractor and the building owner, were expected to cover the costs and losses incurred.

At 1615 GMT, shares in Itaconix were down 4.4% at 5.98p.