15th Oct 2014 07:48
LONDON (Alliance News) - Fox Marble Holdings PLC got a boost to its share price on Wednesday after it said it has signed a long-term offtake agreement with Italian marble company Marmi E Graniti D'Italia Srl.
Under the deal, Carrara, Italy-based Marmi will take a minimum quantity of 100 tonnes per month of grey, red and breccia stones from Fox Marble for the next two years, starting this month.
Fox Marble said the estimated value of the contract is EUR300,000 per year, and it expects this could rise over the term of the contract as volumes rise.
"This agreement, with such a prestigious company, further validates the quality of our marble and will assist us in continuing to penetrate the worldwide market for premium quality marble as it further establishes our marble as a premium product worthy of sitting alongside Italian marble," said Fox Marble Chief Executive Officer Chris Gilbert.
Fox Marble shares were up 4.9% to 19.675 pence on Wednesday, making it one of the best performers on AIM.
By Sam Unsted; [email protected]; @SamUAtAlliance
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