New contract with Glatfelter
OrganoClick announced a new contract with Glatfelter, a global non-woven airlaid producer, for the use of OrganoClick's biobased binders for its table-top products with commercialisation set to start in Q2'23. No volumes are disclosed in the press release, and while ramp-up will take some time, management claims that year-one ramp-up should be quicker than it was for the Duni contract. In '22, Glatfelter produced ~160kt airlaid non-woven material, and if it would convert all its production to biobased binders it would need 56-64kt binders from OrganoClick. At the same price point we have assumed for the Duni contract (~SEK 10 per/kg), this would imply potential annual sales to Glatfelter of SEK ~560-640m, however the initial agreed volumes are likely much lower.
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