WAYNE, N.J., Feb. 23 -- International Specialty Products (ISP, Wayne, New Jersey, USA) and Mingtai Chemical Co., Ltd. (Mingtai, Bah-Der City, Taoyuan Hsien, Taiwan) have announced the signing of a distribution agreement. The agreement represents a significant expansion of the relationship between the two companies and specifically involves the promotion and sale of Mingtai's range of cellulose ingredients for use in a variety of pharmaceutical, nutritional and food applications in the regions mutually agreed upon.
ISP, in accordance with the agreement, will have the rights to market, sell and distribute the Mingtai range of cellulose ingredients in the regions mutually agreed upon. The Mingtai products are commonly used in the pharmaceutical and nutritional markets as tablet binders and disintegrants and in the food market to stabilize suspensions and to add creaminess to beverages, sauces and low fat dressings.
According to Sunil Kumar, President and CEO of ISP: "Our partnership with Mingtai is a fantastic opportunity to add important ingredients to our pharmaceutical and food portfolios for the benefit of our customers. We are impressed with Mingtai's dedication to being a leader in providing high-quality, high-value ingredients. Their manufacturing facilities are truly state-of-the art and they understand the rigorous quality expectations of pharmaceutical and food customers."
Says H. W. Chen, Chairman and President of Mingtai: "We believe that ISP's strength and position in the pharmaceutical and food businesses will enhance the growth of our products. This alliance gives us access to ISP's marketing and sales network, including nine regional technical centers, to gather information from customers about their needs and to promote our latest technology developments. We are extremely happy to have ISP as a marketing and sales partner for our products."
Mingtai Chemical Co., Ltd. manufactures and supplies microcrystalline cellulose, colloidal microcrystalline cellulose, and crosslinked sodium carboxymethylcellulose. Their global headquarters is located in Bah-Der City, Taoyuan Hsien, Taiwan.
International Specialty Products is a leading global supplier of specialty chemicals and performance-enhancing products for a wide variety of personal care, pharmaceutical, food, beverage and industrial applications. ISP produces more than 400 specialty chemicals which it markets and sells worldwide. The company's headquarters is located in Wayne, New Jersey, USA.
This press release may contain "forward-looking statements" within the meaning of the federal securities laws and, as such, concerns matters that are not historical facts. These statements are subject to risks and uncertainties that could cause the actual results to differ materially from those expressed in such statements. Important factors that could cause such differences are discussed in the Company's filings with the U.S. Securities and Exchange Commission and are incorporated herein by reference.