Graft Polymer (UK) PLC (LSE:GPL) said completion of its expanded production facilities is expected during the current quarter and announced it has won a first commercial order in the cosmetics sector, for a CBD skincare product.
The polymer modification specialist reported “significant progress” in the fourth quarter of last year to complete new production lines in Slovenia.
As well as doubling production capacity and improving both efficiency and costs, the expansion will add new product lines that it says are critical to opening new large commercial markets around the world.
Chief executive Victor Bolduev said the expansion was in line with a key objective from the initial public offer last year.
“The final piece of key equipment is expected shortly and will be ready for installation during Q1 2023, completing the process of doubling our production capacity and adding new innovative lines to the portfolio, whilst reassuring future large customers that production will always be reliable,” he said.
The modernised production equipment includes the eco-friendly hot ozone/plasma modification techniques, along with double conical vacuum reactors and pharma emulsification modules technologies.
Bolduev said the new commercial purchase order, from an Irish cosmetic and luxury skincare producer for a water-soluble cannabidiol (CBD) solution, was a first for Graft Polymer.
“This is a clear demonstration of the capabilities of GraftBio’s technology and ability to diversify product lines and pass strict testing conditions.
“December’s strong sales, following month-on-month growth in 2022, is very encouraging and we expect this trend to continue in the months ahead.”