Benchmark Holdings PLC Renewal of Sales and Marketing Agreement (6013O)
August 22 2017 - 2:01AM
UK Regulatory
TIDMBMK
RNS Number : 6013O
Benchmark Holdings PLC
22 August 2017
Benchmark Holdings plc
("Benchmark" or the "Company")
Benchmark secures renewal of key strategic sales and marketing
agreement with Great Salt Lake artemia cooperative
Benchmark announces that its wholly owned subsidiary, INVE
Aquaculture Holding BV (INVE), has successfully renewed its sales
and marketing agreement with the Great Salt Lake Brine Shrimp
Cooperative, Inc (GSL COOP). Under this long-term agreement, the
Benchmark group maintains its rights to distribute a substantial
share of the GSL COOP's harvest of artemia from the Great Salt
Lake, Utah, the world's greatest source of brine shrimp, a natural
live food widely used by the aquaculture industry in early stage
nutrition.
Historically, artemia supplied under the sales and marketing
agreement has represented approximately 60% of INVE's total artemia
sales, and generated revenues of over GBP30m in 2016. The renewal
of the sales and marketing agreement secures the Company long-term
access to the world's top quality artemia, which, as well as
providing significant revenues from direct sales, creates demand
pull for INVE's portfolio of aquaculture hatchery feeds and health
products.
Alongside continuation of the sales and marketing agreement,
INVE has entered into a similarly long-term distribution agreement
with the GSL COOP for INVE's current and future artemia-related
products and technologies. INVE is developing a range of
breakthrough artemia-related feed products, which are on track to
be launched in early 2020. The distribution agreement with the GSL
COOP provides Benchmark with access to additional distribution
channels and customers for INVE's artemia-related products, and
will contribute to growth in sales from 2020 onwards.
Both the sales and marketing agreement and the distribution
agreement have an initial 10 year term. Under the sales and
marketing agreement GSL COOP has a 5 year break clause in certain
circumstances related to new product development.
Benchmark CEO Malcolm Pye commented:
"We are extremely pleased to be continuing with and building on
our important relationship with the GSL COOP. The sales and
marketing agreement secures long-term access to the best quality
artemia available globally, from a responsibly and sustainably
harvested source. Access to the GSL COOP's customer base will
compliment Benchmark's existing distribution networks for its
developing artemia-related product portfolio, and is expected to
create significant growth in sales across the Advanced Animal
Nutrition division in the years to come."
-ENDS-
Benchmark Holdings plc Tel: 020 7920 3150
Malcolm Pye, CEO
Rachel Aninakwah, Communications
Numis Tel: 020 7260 1000
Michael Meade / Freddie Barnfield
(NOMAD)
James Black (Corporate Broking)
Tavistock Tel: 020 7920 3150
Niall Walsh / Sophie Praill
/ Simon Hudson
Notes to Editors:
Benchmark challenges the status quo in aquaculture, agriculture
and animal healthcare.
Since 2000, Benchmark has consistently worked to build a
platform to serve its customers, helping farmers to take control of
their biological environment through the combination of genetics,
nutrition, health and knowledge services. Through its in-depth
knowledge of animal biology Benchmark is able to tackle the key
issues in the aquaculture, livestock and companion animal
sectors.
The Company has proven distribution capabilities in high growth
markets and operates internationally with R&D facilities,
commercial farms, diagnostic laboratories, manufacturing sites,
production facilities and commercial offices across 27 countries in
five continents. As at 30 June 2017, Benchmark employed 951
people.
For further information on Benchmark please visit
www.benchmarkplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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