Accsys Technologies PLC
20 November 2007
20th November 2007
AIM: AXS
NYSE Euronext Amsterdam: AXS
Accsys and Celanese New Business Relationship
Accsys Technologies PLC ('Accsys' or 'the Company') and Celanese Corporation
('Celanese') have amended their business relationship by mutual consent, giving
both companies greater flexibility for an 'at will' trading/supply relationship.
Willy Paterson-Brown, Executive Chairman of Accsys commented: 'A new arrangement
between our two companies is necessary and timely, given the progress Accsys has
made in its business development. We have built a solid relationship with
Celanese and we will both be able to enjoy the full benefits of this. It has
become clear that our trading/supply relationship, in conjunction with Accsys'
licensees, needs to be negotiated on a case by case basis. This was a
restriction for both companies in the original agreement. '
John J. Gallagher III, Executive Vice President of Celanese Corporation and
President Acetyls and Celanese Asia commented: 'We are pleased with the new
relationship we have developed with Accsys and have the potential to work with
them on a number of projects in various parts of the world. We now expect to
agree to terms in relation to Titan Wood's Arnhem manufacturing facility in due
course.'
Under the new agreement Celanese will relinquish its option to acquire further
ordinary shares in the Company to take its equity stake up to 29.9% of the
Company, which would have been exercisable starting in June 2008, and Accsys has
agreed to the orderly placement of Celanese's 5.23% existing share holding in
the Company.
ENDS
For further information, please contact:
Accsys Technologies PLC William Paterson-Brown, +44 (0) 20 8114 2510
www.accsysplc.com Executive Chairman
Collins Stewart Europe Limited Tim Mickley / Michael O'Brien +44 (0) 20 7523 8000
Parkgreen Communications Justine Howarth / +44 (0) 20 7851 7480
Bex Sanders-Hewett
Citigate First Financial B.V. Wouter van de Putte / + 31 (0) 20 575 4080
Laurens Goverse
Notes to Editors
Titan Wood Limited (www.titanwood.com) is a wholly owned subsidiary of the
Accsys Technologies PLC (www.accsysplc.com) group of companies. Accsys
Technologies PLC is listed on the London Stock Exchange AIM market and the NYSE
Euronext by Euronext Amsterdam, under the symbols 'AXS'.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.