6th Aug 2014 08:31
LONDON (Alliance News) - Chemical technology firm Accsys Technologies PLC Wednesday said it has entered into a deal with Solvay, a Belgian chemical group, under which the pair will work together on building an Accoya wood production plant in Freiburg, Germany.
The pair have signed a three-year, non-exclusive global co-operation agreement for the development of Accoya, a wood produced using Accsys' acetylation technology which converts softwoods and non-durable hardwoods into 'high technology wood.'
Under the terms, Accsys has given Solvay a licence option for defined regions to allow Solvay to tap Accoya licensing opportunities outside Europe. Accsys will carry out targeted marketing activities on behalf of Solvay to market Accoya outside of Europe and Accsys will get the right to invest in the European project and any future Accoya production projects.
"We believe in Solvay we have an excellent licensing partner and look forward to continuing to work with them to realise the further successful exploitation of Accoya in Europe and beyond. Although the review of the location has taken longer than we hoped, we are pleased that Solvay still expects the plant to be operational in the first half of 2016," said Accsys Chief Executive Paul Clegg.
Accsys shares were up 4.1% to 0.21334 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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