Agreement with PCG to evaluate Tricoya® plant

RNS Number : 5607M

Accsys Technologies PLC

09 January 2019

 

9th January 2019                                                                                                             AIM: AXS

Euronext Amsterdam: AXS

ACCSYS TECHNOLOGIES PLC

("Accsys" or "the Company")
 

Agreement with PCG to evaluate a Tricoya^® plant in Malaysia

Accsys, the fast growing and sustainable chemical technology group, recently confirmed that it was exploring opportunities for new manufacturing plants outside Europe. Accsys is pleased to announce that its subsidiary, Tricoya Technologies Limited ("TTL"), has now entered into an agreement with PETRONAS Chemicals Group Berhad ("PCG") to evaluate the feasibility of jointly funding, designing, building and operating an integrated acetic anhydride and Tricoya^® wood elements production plant (the "Plant") in Malaysia.

It is envisaged that Tricoya^® wood elements produced at the Plant would use acetic acid from PCG's existing joint venture in Malaysia.  The Plant would then supply the wood panel industry within South East Asia, under licence, as the key raw material for the formation of Tricoya^® panels for the use in the construction industry in the region.

The evaluation is expected to include preliminary engineering studies, regional customer and market feasibility assessments and financing arrangements.  Under the terms of the agreement, the parties have agreed to carry out the evaluation exclusively for a period of at least 18 months

Paul Clegg, Chief Executive of Accsys, said:

"This is an exciting and important step for Accsys, with the potential to open up new markets for Tricoya in Asia. We are really pleased to be exploring the expansion of our global manufacturing footprint with PCG, a major international chemical company, with such a strong Asian presence."

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014. The person responsible for arranging for the release of this Announcement on behalf of Accsys is Angus Dodwell, Legal Counsel & Company Secretary.

ACCSYS TECHNOLOGIES PLC

 ("Accsys" of "de Vennootschap")

Overeenkomst met PCG voor verkennend onderzoek naar Tricoya^®-fabriek in Maleisië

Accsys, de snelgroeiende en duurzame chemische technologiegroep, heeft onlangs bevestigd dat het de mogelijkheden onderzoekt voor nieuwe productielocaties buiten Europa. Accsys is verheugd aan te kondigen dat haar dochteronderneming, Tricoya Technologies Ltd ("TTL"), een overeenkomst heeft gesloten met PETRONAS Chemicals Group Berhad ("PCG") om de haalbaarheid te onderzoeken van het gezamenlijk ontwerpen, bouwen en exploiteren van een geïntegreerde fabriek om azijnzuuranhydride en Tricoya^®-houtelementen te produceren in Maleisië.

Het is de bedoeling dat de Tricoya^®-houtelementen die in deze fabriek worden geproduceerd gebruikmaken van de azijnzuur van de bestaande joint venture van PCG in Maleisië. De nieuwe fabriek zal dan de geacetyleerde Tricoya^®-houtelementen onder licentie leveren aan de houtplaatindustrie in Zuidoost-Azië als belangrijkste grondstof voor de productie van Tricoya^®-platen die in de bouwsector in de regio worden gebruikt.

De evaluatie omvat zowel voorbereidende technische onderzoeken als een regionale haalbaarheidsstudie naar klanten en de markt alsmede onderzoek naar financieringsmogelijkheden. Als onderdeel van de overeenkomst zijn de partijen overeengekomen om het onderzoek exclusief voor een periode van ten minste 18 maanden uit te voeren.  

Paul Clegg, Chief Executive van Accsys, licht toe:

"Dit is een spannende en belangrijke stap voor Accsys die ons mogelijkheden biedt om nieuwe markten voor Tricoya in Azië te betreden. We zijn erg blij dat we de uitbreiding van onze wereldwijde productie kunnen verkennen met PCG, een groot internationaal chemisch bedrijf met zo'n sterke aanwezigheid in Azië."

DEZE AANKONDIGING BEVAT INSIDE-INFORMATIE MET BETREKKING TOT ARTIKEL 7 VAN DE VERORDENING MARKTMISBRUIK EU 596/2014. De persoon die verantwoordelijk is voor het opstellen van deze aankondiging namens Accsys is Angus Dodwell, Juridisch Adviseur & Bedrijfssecretaris.

- Ends -

For further information, please contact:

Accsys Technologies PLC	Paul Clegg, CEO Will Rudge, FD	via MHP Communications
Numis Securities	Nominated Adviser: Jamie Lillywhite Corporate Broking:  Christopher Wilkinson Ben Stoop	[phone]
MHP Communications	Tim Rowntree Kelsey Traynor	[phone]
Off the Grid (The Netherlands)	Frank Neervoort Yvonne Derkse	[phone] [phone]

 

Notes to editors:

Accsys Technologies PLC (www.accsysplc.com) is a chemical technology group whose primary focus is on the production of Accoya^® wood and Tricoya^® 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^® wood production; (ii) building and operating of Tricoya^® 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^® wood and Tricoya^® wood elements across the globe.

Accoya^® 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^® wood is particularly suited to exterior applications where performance and appearance are valued. Moreover, the Accoya^® wood production process does not compromise the wood's strength or machinability. The combination of dimensional stability, durability and retained strength means that Accoya^® 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 highly sustainable and environmentally responsible building material. For a full archive of Accoya^® news, visit www.accoya.com/news.

Tricoya^® 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^® Wood Elements is carried out through Tricoya Technologies Limited.  Tricoya^® 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 naturally occurring '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^®, Tricoya^® 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^® registered trademark, from Tricoya Technologies Limited, a subsidiary of TWL with exclusive rights to exploit the Tricoya^® brand.

 

END

 

 

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