Symphony Environmental Technologies likes the sound of its newest tune: Revenues increased in 2009 by 31% to $10.68 million, and its profit after tax increased by 151% to $1.4 million, with the company able to celebrate its first year of profitability.
Symphony markets and supplies d2w oxo-biodegradable additives. These function by breaking down the carbon-carbon bonds in the plastic, which lowers molecular weight and eventually weakens material strength and other properties, causing it to biodegrade. Stabilizers are employed so that end products last long enough to be useful. The supplier claims this method of degradability trumps standard biodegradable plastics because Symphony's approach does not require that the plastic be in an industrial composting facility to degrade.
Symphony, in a release with its preliminary results for the year ended December 31, 2009, says d2w additives are seeing use in products in more than 90 countries. Symphony is a public company quoted on the AIM market of the London Stock Exchange. In the release Michael Laurier, Chief Executive, stated, "I am very pleased to report our first profitable year, as well as a second year of increased earnings per share."
Lately Symphony and other suppliers of oxo-biodegradable additives have been in the crosshairs of suppliers of biodegradable plastics, who challenge the environmental effectiveness of plastics filled with oxo-biodegradable additives.
Last December rigid packaging processor Superfos Industries (Taastrup, Denmark) signed a supply agreement with European Union exclusivity, for at least five years, for injection molded packaging using Symphony's additives.