Alexium International Group (ASX:AJX, OTCQX:AXXIY) has now penetrated the difficult to conquer European market, and will commence sales of its environmentally friendly fire retardant (NYSE:FR) chemistries.
Alexium has signed a sales and distribution with iTextiles, while also securing some high calibre sales people in Italy.
Mrs Dalia Silvia Benefatto and Mrs Federica Albiero, who have a combined 38 Years' experience representing major companies such as Invista, Dow and Freshtex in Europe will be dedicated to sales and marketing of Alexium's FR formulations.
They will formally commence work in three countries, Italy, Germany and the Czech Republic, and will initially address six customers who have expressed a desire for both iTextile textile products and Alexium FR formulations as a whole product solution.
Due to a successful marketing campaign at TechTextil, in Frankfurt, Germany earlier this year, Alexium's rollout into the European market has been accelerated in order to meet these customers' specific needs.
These initial sales opportunities are in the automotive, work-wear and military fabrics markets.
Mujeeb Khan, iTextiles president and chief executive officer, commented: "We are excited to participate and work directly with Alexium to help push through ecofriendly technologies to multiple markets to meet the ever expanding European demand."
Nicholas Clark, Alexium chief executive officer, said: "I am delighted to announce this new partnership with iTextiles, which will drive our sales in the European marketplace.
"This partnership will build on Alexium's strong reputation in the United States military and automotive markets.
"I am looking forward to working with Mr Khan and iTextiles over the coming months to realise great near-term results."
The deal highlight's Alexium's ability to "crack" into new markets, with Europe often a difficult sales and distribution region to conquer.
The sales and distribution agreement with iTextiles should drive sales of Alexium's fire retardant chemistries in Europe.
Alexium has secured the services of two high calibre sales people in Italy, who will commence work in three countries, Italy, Germany and the Czech Republic, and will initially address six customers.
iTextiles is an established company with gross annual revenues of $13 billion.
This follows Alexium securing sales with Greenwood Mills, the leading maker of fabrics for the United States Military, protective clothing and specialty industrial markets.
Buy from Foster Stockbroking:
At the end of May 2015, Alexium received a Buy rating from Foster Stockbroking, which at the time maintained its Price Target of $1.10.
Alexium shares last traded at $0.66, providing potential significant upside based on the broker report.
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