“This is a breakthrough sales agreement in the phase change materials (PCM) sector and opens up the higher volume mid-priced bedding market as well as high-end bedding,” said Nicholas Clark, CEO, Alexium.
The sales agreement follows a six month extensive testing and production trials period. Phase change materials market continues to grow as the demand for non-innerspring mattress market continues to increase.
“Our share of the PCM bedding market is more than $5 million annually and we expect this share to grow rapidly given the performance, cost and environmental benefits of our fire retardant PCM product. Alexium's FR PCM technology provides bedding manufacturers with an exciting new product feature in a market where innovation is typically incremental. Our customers in this segment will now be able to significantly increase market share by offering what is a new and sought-after feature. We are well capitalized to meet this client's expectations whilst maintaining our existing accounts,” Clark added.
“With this sales agreement, we have launched an entirely new FR product, and we're already making significant inroads with scale-up trials with a number of other bedding manufacturers,” Clark concluded.
The global bedding customer has plants in North America and Europe, and supplies most of the major manufacturers in the US and abroad with fabrics used for mattress covers.
“Alexium was selected for this partnership due to our innovative technology and proven capability to meet customer's needs. We have a significant competitive advantage in the PCM market with our ready-to-use chemistry solution and are pleased to have reached this first sales agreement in this valuable market segment,” said Dirk Van Hyning, president, Alexium. (NA)
Fibre2fashion News Desk - India
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