TIDMAXS
RNS Number : 9043H
Accsys Technologies PLC
16 March 2018
16 March 2018 AIM: AXS
Euronext Amsterdam: AXS
ACCSYS TECHNOLOGIES PLC
TRICOYA(R) LICENCE AGREEMENT COMPLETED WITH FINSA
Accsys today announces it has signed a Tricoya(R) user licence
agreement with one of Europe's longest established MDF and
chipboard manufacturers, Financiera Maderera S.A. (FINSA). FINSA
(www.finsa.com) has been a pioneer in the field of sustainable and
renewable wood-based solutions since its foundation in 1931.
Under the agreement, FINSA is granted exclusive rights for
manufacturing high-performance wood-based panels from Tricoya(R)
wood elements in Spain and Portugal, with non-exclusive
distribution rights in other territories. FINSA will sell the
panels under the Tricoya(R) brand and pay a combination of royalty
and licence fees to Accsys' subsidiary Tricoya Technologies Ltd
(TTL), with the first instalment of the licence fee payable
immediately.
The supply of acetylated material for the production of
Tricoya(R) panels by FINSA will initially be met from Accsys'
Accoya(R) plant in Arnhem, NL, and then in the form of Tricoya(R)
chips from the world's first Tricoya(R) plant in Hull, UK which is
under construction and expected to be operational in 2019.
This is a significant development for Accsys, as the anticipated
future demand for Tricoya(R) chips indicated by FINSA together with
the existing offtake agreement with Medite Europe DAC, is expected
to result in the Hull plant being significantly loaded and as a
consequence cash generative at an earlier point.
Commenting, Paul Clegg, CEO of Accsys, said:
"I am delighted to announce this agreement with FINSA. A
partnership with FINSA, a well-established company with a
reputation for innovation, is a great endorsement of our
proprietary technologies and the Tricoya(R) business proposition.
Incremental panel production should ensure that the Tricoya(R)
plant is significantly loaded and able to generate positive EBITDA
at an earlier point. We see this agreement as an important step
towards establishing Tricoya(R) as the world's leading
high-performance sustainable wood-based panel, stimulating demand
for further growth."
Gonzalo Frey Pazos, Business Director, FINSA and Javier Portela
López, R&D and Quality Director, FINSA said:
"FINSA is pleased to announce its cooperation agreement with
Accsys. As a pioneer in the manufacture of all types of wood-based
solutions, we at FINSA are sure that this agreement will herald new
exterior applications which will bring value to both our customers
and to stakeholders. The aim of the agreement is to generate real
value thanks to the combination of FINSA's manufacturing experience
and Accsys' expertise in the acetylation of wood. We shall now get
to work on offering these solutions to the marketplace."
ACCSYS TECHNOLOGIES PLC
TRICOYA(R) -LICENTIEOVEREENKOMST MET FINSA AANGEGAAN
Accsys kondigt vandaag aan dat het een Tricoya(R)
-gebruikerslicentieovereenkomst is aangegaan met een van de eerste
MDF- en spaanplaatfabrikanten uit Europa, Financiera Maderera S.A.
(FINSA). Sinds de oprichting in 1931 is FINSA (www.finsa.com) een
pionier geweest op het gebied van duurzame en hernieuwbare op hout
gebaseerde producten.
Met deze overeenkomst krijgt FINSA het exclusieve recht om in
Spanje en Portugal hoogwaardige houten panelen te produceren met
Tricoya(R) -houtelementen (spaanders, vezels en houtsnippers),
alsmede niet-exclusieve distributierechten in andere regios. FINSA
gaat de panelen verkopen onder het merk Tricoya(R) , en zal
royalty's en licentievergoedingen betalen aan de dochteronderneming
van Accsys, Tricoya Technologies Ltd (TTL). De eerste
afbetalingstermijn van licentiekosten is onmiddellijk
verschuldigd.
Tricoya(R) -snippers worden door FINSA initieel afgenomen in de
vorm van versnipperd Accoya(R) -hout afkomstig uit de Accoya(R)
-fabriek van Accsys in Arnhem, Nederland. Na verloop van tijd
zullen de Tricoya(R) -snippers afkomstig zijn uit 's werelds eerste
Tricoya(R) -fabriek in Hull (UK). Deze fabriek is momenteel in
aanbouw is en zal naar verwachting in 2019 operationeel zijn.
Dit is een belangrijke stap voorwaarts voor Accsys omdat de door
FINSA geïndiceerde verwachte vraag naar Tricoya(R) -snippers, in
combinatie met de bestaande afnameovereenkomst met Medite Europe
DAC, omdat naar verwachting nu op een eerder tijdstip de capaciteit
van de Tricoya(R) -fabriek significant benut zal worden en dus cash
flow zal genereren.
Paul Clegg, CEO van Accsys, zei:
"Ik ben zeer tevreden om deze overeenkomst met FINSA aan te
kunnen kondigen. Een samenwerking met zo een lang bestaand en
innovatief bedrijf als FINSA, is een erkenning van onze unieke
technologieën en de mogelijkheden van Tricoya(R) . Door de
additionele productie van panelen zal de benuttingsgraad van de
capaciteit van de Tricoya(R) -fabriek significant zijn en zal
daardoor, eerder dan verwacht, een positieve EBITDA genereren. We
zien deze overeenkomst als een belangrijke stap naar het
positioneren van Tricoya(R) als 's werelds meest toonaangevende,
high-performance en duurzaam houten paneel. Dit zal verdere groei
van de vraag stimuleren."
Gonzalo Frey Pazos, Business Director van FINSA en Javier
Portela López, Directeur R&D en Kwaliteit, van FINSA
zeiden:
"FINSA is verheugd om de samenwerking met Accsys aan te kunnen
kondigen. Als pionier op het gebied van productie van vele soorten
op hout gebaseerde producten zijn wij er van overtuigd dat deze
overeenkomst aan de wieg zal staan van nieuwe buitentoepassingen
die van grote waarde zullen zijn voor onze klanten en andere
belanghebbenden. Het doel van deze overeenkomst is om middels de
combinatie van FINSA's productie-ervaring en Accsys' expertise op
het gebied het acetyleren van hout significante waarde te creëren.
We gaan nu aan de slag op deze oplossingen op de markt te
introduceren."
Ends
For further information, please contact:
Accsys Technologies Paul Clegg, CEO via MHP Communications
PLC Will Rudge, FD
Hans Pauli, Executive Director,
Corporate Development
Nominated Adviser: Oliver Cardigan
Jamie Lillywhite
Corporate Broking: Christopher
Wilkinson +44 (0) 20 7260
Numis Securities Ben Stoop 1000
Tim Rowntree +44 (0) 20 3128
MHP Communications Kelsey Traynor 8100
+31 681 734
236
Off the Grid Frank Neervoort +31 222 379
(The Netherlands) Yvonne Derske 666
Notes to editors:
Tricoya(R) Consortium In March 2017, Accsys announced the
formation of the Tricoya(R) Consortium to fund, build and operate
the Tricoya(R) plant in Hull, UK. Members of the consortium include
BP and the leading manufacturer of sustainable wood-based panels,
Medite Europe DAC. Tricoya Ventures UK Ltd (TVUK), a subsidiary of
Accsys, owns and will operate the Tricoya(R) plant. TTL exploits
all Tricoya(R) related intellectual property and benefits from any
Tricoya(R) related revenues other than those generated by the
Tricoya(R) plant. The Tricoya(R) plant is expected to have an
initial capacity of 30,000 metric tonnes of Tricoya(R) chips per
annum, enough to produce approximately 40,000m(3) of Tricoya(R)
panel products per annum. The Tricoya(R) plant is expected to reach
EBITDA breakeven at approximately 40% design capacity and to take
approximately four years to reach full capacity following
completion. The location of the Tricoya(R) plant at Saltend
Chemicals Park in Hull allows for expansion when market conditions
dictate.
Accsys Technologies PLC (www.accsysplc.com) is a chemical
technology group whose primary focus is on the production of
Accoya(R) wood and Tricoya(R) wood elements, technology licensing
via its subsidiary, Titan Wood Limited, which has manufacturing
operations in Arnhem, the Netherlands (through its subsidiary Titan
Wood B.V.), a European office in London, United Kingdom, an
American office in Dallas, Texas (via its subsidiary Titan Wood,
Inc.) and technology licensing associated with the acetylation of
wood elements via its subsidiary Tricoya Technologies Limited. Any
references in this announcement to agreements with Accsys shall
mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. Accsys Technologies PLC is listed on
the London Stock Exchange AIM market and on Euronext Amsterdam,
under the symbols 'AXS'. Accsys' operations comprise four principal
business units: (i) Accoya(R) wood production; (ii) building and
operating of Tricoya(R) wood chip acetylation plant in Hull; (iii)
technology development, focused on a programme of continuous
development of and improvements to the process engineering and
operating protocols for the acetylation of solid wood and the
development of technology for the acetylation of wood elements; and
(iv) the licensing of technology for the production of Accoya(R)
wood and Tricoya(R) wood elements across the globe.
Accoya(R) Wood (www.accoya.com) is produced using Accsys'
proprietary patented acetylation technology that effectively
converts sustainably grown softwoods and non-durable hardwoods into
what is best described as a "high technology wood". Distinguished
by its durability, dimensional stability and, perhaps most
importantly of all, its reliability (in terms of consistency of
both supply and quality), Accoya(R) wood is particularly suited to
exterior applications where performance and appearance are valued.
Moreover, the Accoya(R) wood production process does not compromise
the wood's strength or machinability. The combination of
dimensional stability, durability and retained strength means that
Accoya(R) wood offers a wealth of new opportunities to architects,
designers and specifiers. These benefits result in lower
maintenance and total cost of ownership while using a higher
sustainable and environmental responsible building material. For a
full archive of Accoya(R) news, visit www.accoya.com/news.
Tricoya(R) Wood Elements (www.tricoya.com) are produced using
Accsys' proprietary technology for the acetylation of wood chips
and particles for use in the fabrication of panel products such as
medium density fibreboard and particle-board. These products
demonstrate enhanced durability and dimensional stability which
allow them to be used in a variety of applications that were once
limited to solid wood or man-made products. Exploitation of Accsys'
proprietary technology relating to Tricoya(R) Wood Elements is
carried out through Tricoya Technologies Limited. Tricoya(R) Wood
Elements are lauded as the first major innovation in the wood
composites industry in more than 30 years.
Wood Acetylation is a process which increases the amount of
'acetyl' molecules in wood, thereby changing its physical
properties. When carried out to a sufficient level throughout the
wood, this process protects wood from rot by making it "inedible"
to most micro-organisms and fungi, without - unlike conventional
treatments - making it toxic. It also greatly reduces the wood's
tendency to swell and shrink, making it less prone to cracking and
ensuring that, when painted, it requires dramatically reduced
maintenance.
Accsys Technologies is the trading name of Titan Wood Limited.
ACCOYA(R) , TRICOYA(R) and the Trimarque Device are registered
trademarks owned by Titan Wood Limited ("TWL"), a wholly owned
subsidiary of Accsys Technologies PLC, and may not be used or
reproduced without written permission from TWL, or in the case of
the Tricoya(R) registered trademark, from Tricoya Technologies
Limited, a subsidiary of TWL with exclusive rights to exploit the
Tricoya(R) brand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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