Clean Diesel Technologies (CDTI), Süd-Chemie India Enter Strategic Cooperation Agreement
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Clean Diesel Technologies, Inc. (Nasdaq: CDTI) and Süd-Chemie India Pvt. Ltd. (SCIL) have signed a strategic cooperation agreement for CDTi’s Advanced Material Technology to be sold by SCIL in its market. Founded in 1969, SCIL is a leading supplier of Diesel Oxidation Catalysts (DOCs) and Three-Way Catalysts (TWCs) for major OEMs in India and abroad, supplying over a million catalytic converters annually. SCIL is a joint venture company with Clariant International of Switzerland, one of the world’s leading specialty chemical companies.
SCIL’s initial focus will be on certain Original Equipment (OE) platforms using CDTi’s Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™) and Synergized PGM (SPGM™) DOC in catalysts for gasoline-engine passenger cars, light- and heavy-duty diesel vehicles and 2- and 3-wheel applications and off road engine systems. Spinel™ technology will be exploited in key TWC applications for longer term targets. The agreement grants exclusivity subject to performance. The launch of the Powder-to-Coat (P2C™) phase of the relationship is expected by the end of this year. A Supply Agreement has also been concluded to cover the commercial terms of supply of CDTi powder technologies.
“CDTi continues to focus on accelerating the execution of our advanced materials strategy in fast-growing markets, and our strategic partnership agreement and Supply Agreement with SCIL achieves a new milestone in India,” stated Matthew Beale, CDTi’s CEO. “To leverage our breakthrough advanced materials technology, we have selected the most well-positioned partners in our chosen markets. As a pioneer in the field of catalysis, SCIL has advanced production facilities and is equipped to cater to the needs of both Indian and international catalyst markets. SCIL has carried out initial validation of our technology and we are now firmly in the commercialization stage. With established coating capabilities and an extensive list of flagship customers, SCIL is the right partner with which to expand our market in this new geographic region.”
“SCIL is dedicated to contributing to the reduction of emissions from engine exhaust,” stated Mr. Touquire A Siddiquie, Assistant Vice President – Environmental Catalysts, SCIL. “We chose CDTi’s advanced materials technology based on our belief that it will significantly reduce the use of platinum group metals (PGMs) and enable improved functionality for more stringent emission standards of the future. By capitalizing on the associated cost reductions and using state of the art powder technology, SCIL believes we can create competitive advantages for our current as well as new business. Using CDTi’s P2C delivery model, SCIL can easily scale production to meet demand.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- PICO Holdings (PICO) Announces Leadership, Governance Changes; Terminates Central Square Agreement
- B&G Foods (BGS) Acquires Victoria Fine Foods for $70M
- GlaxoSmithKline (GSK) Announces Filing Regulatory Submission with EMA for FF/UMEC/VI as COPD Treatment
Create E-mail Alert Related CategoriesCorporate News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!