I-Tech AB Signs Licensing Agreement with International Paints Korea

I-Tech AB recently signed a licensing agreement with International Paints Korea, a subsidiary of AkzoNobel Protective Coatings for the commercial use of Selektope. This is I-Tech’s sixth commercial deal with major paint manufactures operating in the South Korean market.

Selektope is an antifouling substance, expected to launch in the next 6-12 months in the Korean Market. When it initially launches, Selektope will be used by six of the largest Korean paint manufactures for the shipbuilding industry in addition to Jotun, Hempel, and Chugoku Marine Paints.

Being one of the world’s largest shipbuilding nations, South Korea accounts for a significant share of total annual production. I-Tech has reported more than 32 million SEK in total sales in South Korea within in second quarter of 2023.

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According to I-Tech, Selektope has proven to be successful in combating marine fouling of barnacles on ships. I-Tech was able to show a hull treated with Selektope that remained free from barnacle growth after idling for 22 months in warm waters.

“The agreement once again proves Selektope’s very strong position in the global antifouling industry,” said I-Tech CEO Philip Chaabane. “That we deliver our substance to so many of the paint manufacturers active in the South Korean market is a very good testament to our product and something that benefits our continued global expansion.”