TyraTech due milestone payment after delivering new products to Terminix

TyraTech has delivered three new innovative insect control products to Terminix International, which is the largest professional pest control company in the world.

The delivery made TyraTech eligible for development milestone payments, according to the supply agreement with Terminix signed in October last year. The two companies have since continued to work together to develop and market new pest control products incorporating TyraTech's Nature Technology.

The new products, which feature TyraTech's proprietary aerosol platform, will expand the existing product line and enable Terminix to continue marketing and branding the TyraTech insecticide product lines in the US, Canada and Mexico.

"The delivery of these new products is an important milestone for both Terminix and TyraTech...For TyraTech, it further demonstrates our proven ability to deliver new products and opportunities,” said executive chairman of TyraTech Alan Reade.

TyraTech is an eco-tech pesticide developer that puts “nature to work”. The company develops and commercialises insecticide products that incorporate unique blends of natural active ingredients.

Its products are gaining traction with a blue-chip and influential client base including Terminix, which provides services to over 3 million residential and commercial customers in 45 US states and in 14 countries internationally.

The agreement with the American pest control major runs until 2017.

The consumer market for pesticides is estimated by the company to be worth more than US$19 billion. This market is multi-segmented and includes: home lawn and garden; institutional (business and government); the control of intestinal parasites and skin infestations in humans and pets; and mosquito and vector control.

The agricultural market for pesticides is estimated at US$14 billion.