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AMI Organics Signs a Multi-year, Multi-tonne, Multi million Euro, Definitive Agreement with Fermion

Posted On : 2022-11-26 10:46:08( TIMEZONE : IST )

AMI Organics Signs a Multi-year, Multi-tonne, Multi million Euro, Definitive Agreement with Fermion

Ami Organics Limited (BSE: 543349, NSE: AMIORG) a leading global manufacturer of advance pharmaceutical intermediates and speciality chemicals, has signed a definitive multi-year, multi-tonne agreement with Fermion, a fully owned subsidiary of Orion Corporation, Finland, for supply of an intermediate for their patented product.

Based on the supply projection shared by Fermion, the total minimum contract value is expected to be multi-million Euro, spread across a 10-year horizon. The product is expected to start contributing meaningfully to the revenue from FY24.

Commenting on development, Mr. Naresh Patel, Executive Chairman & Managing Director, Ami Organics Limited, said: "I am extremely pleased to take the partnership with our existing European innovator customer to the next level with this multi-year multi-tonne contract. This reaffirms the trust our customers have in AMI, making us a partner of choice and fortifying our leadership position in the intermediate market. I am confident that we will continue to strengthen our relationship with more opportunities in the future."

Commenting on development, Mr. Arto Toivonen, President, Fermion, said: "We are delighted to extend our partnership with AMI Organics who have been working with us well over ten years. AMI Organics' strong chemistry skills, technical expertise, and professional team makes them our trusted supplier. We believe this partnership will add further value to both the organisations."

Shares of Ami Organics Ltd was last trading in BSE at Rs. 895.80 as compared to the previous close of Rs. 903.75. The total number of shares traded during the day was 939 in over 187 trades.

The stock hit an intraday high of Rs. 903.50 and intraday low of 892.25. The net turnover during the day was Rs. 843186.00.

Source : Equity Bulls


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