DULUTH, Ga.—Vystar Corp. has locked down another key licensing agreement for its patented Vytex natural rubber latex that expands its reach into six more countries.
India-based KA Prevulcanised Latex Pvt. Ltd. finalized a deal with the company giving it the exclusive rights to produce and market Vystar's patented Vytex all-natural raw material—which contains significantly reduced levels of the antigenic proteins found in natural rubber latex—in India, Sri Lanka, Pakistan, Bangladesh, Bhutan and Nepal.
The contract runs for three years and is tied to specific minimum sales volumes and quality standards to retain the license and territory exclusivity, Duluth-headquartered Vystar said.
KAPVL is part of the Ooppoottil Group, India's largest latex concentrate processor and the country's largest latex glove producer.
The pact gives Vystar access to a market where the duties for imported raw materials hover around 70 percent, said William R. Doyle, Vystar's president and CEO. “There is a large manufacturing base for latex products—including gloves, condoms and foam—in India and its neighbors.
“India is a magnet for leading U.S. and European manufacturers, and has recently been ranked ninth among all countries in industrial production world- wide and has surpassed the U.S. in latex consumption.”
Praveen Mathew, director of KAPVL, said the contract should work to benefit both companies. “We believe there is a significant market for Vytex NRL waiting to be tapped in a region with burgeoning growth,” he said.
The deal with KAPVL is just the latest Vystar has made in a three-month span.
Kent Elastomer Products Inc. of Kent, Ohio, said in late August it will expand its product line with the addition of Vytex for dip-molded offerings. It said it added Vytex for customers who prefer low-protein products but still want to retain the benefits of natural rubber latex.
In early August, Vystar announced that it had teamed with Brightway Holdings Sdn. Bhd. Malaysia to successfully complete Vytex material-use evaluation trials for gloves, clearing the way for Brightway to manufacture and market a line of examination gloves made with Vytex.
Brightway has been looking for a way to bring a premium rubber latex examination glove to market for some time, along with different lines of gloves for the U.S., according to G. Baskaran, managing director of Brightway Holdings.
He said the U.S. market alone consumes more than 24 billion gloves annually, making it a strong opportunity for the company. The two companies went into production with the Vytex-based glove in August.
A third firm, Magic-Seal Packaging Products of Columbus, Ohio, said on Aug. 31 it will come out with the first napkin rings made from Vytex. The product will be marketed to the restaurant and hospitality industries.
Magic-Seal intends to expand its uses of Vytex into other applications, including medical packaging bands commonly used to contain medical drapes, tubing and accessories, along with delicate parts and components in medical devices.