HANOVER (dpa-AFX) - Shares of Pyrolyx AG gained around 6 percent in Australian trading after the company announced that it entered into a five-year Recovered Carbon Black or rCB supply agreement for Continental AG's (CTTAY.PK) tire manufacturing facilities.
Under the deal, Pyrolyx, which is engaged in the recovery of rCB from used tires, plans to deliver 10,000 tons per year within next five years.
The company said it expects to absorb over 3 million end-of-life tires and to save more than 25,000 tons of CO2 emissions annually compared to traditional carbon black under this agreement.
The supply agreement will support Pyrolyx's growth with additional manufacturing facilities in North America and Eastern Europe.
In Australia, Pyrolyx shares were trading at A$0.90, up 5.88 percent.
Copyright RTT News/dpa-AFX
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