Cleantech Building Materials: Cleantech Building Materials and SOPO Group plan to build the first Accoya® factory in Asia
April 26 2017 - 1:58AM
NASDAQ FIRST NORTH:
CBM
ISIN: GB00BD1LVD21
26 April 2017
Cleantech Building
Materials plc
Cleantech Building
Materials and SOPO Group plan to build the first Accoya®
factory in Asia
Cleantech Building Materials PLC
("Cleantech Building Materials") is pleased to announce today its
plan to build the first Accoya® Wood factory in China with Jiangsu
Sopo Group ("SOPO"), a Chinese state-owned chemical group with 2016
revenues of approximately €1.5 billion. SOPO is amongst
China's top petrochemical companies and a "National High-Tech
Enterprise" with approximately 4,000 employees and a vast chemical
complex in Zhenjiang Jingang Industry Park, outside Shanghai.
SOPO currently has an annual
capacity to produce 1.4 million tons of acetic acid, and its
derivative product, acetic anhydride, which is the key chemical
used in producing Accoya® wood. In preparation for the
construction of an Accoya® wood factory at SOPO's facilities, over
the past six months engineering representatives from both companies
have undertaken detailed joint studies, which are now at an
advanced stage.
Cleantech Building Materials and
SOPO are discussing ways to leverage the Chinese group's extensive
experience in building and operating chemical factories to reduce
the time and cost required to build the proposed Accoya® wood
factory.
SOPO and its local banking
partners are also in discussions to participate in the equity and
debt financing of the Accoya® wood factory. The start of
construction of the new Accoya® wood factory in China is expected
to begin at the end of 2017 upon completion of all final agreements
between the parties and the securing of the required financing.
On December 23, 2016 Cleantech
Building Materials acquired Diamond Wood China Ltd, a Hong Kong
company with subsidiaries in Shanghai and Nanjing China, and the
shares of Cleantech Building Materials were admitted to trading on
the Nasdaq First North market in Copenhagen. Diamond Wood, the
operating company, has an exclusive license from Accsys
Technologies plc (AIM:AXS) to produce and sell Accoya® wood
in China and the ASEAN countries.
Jason Wang, CEO
of Cleantech Building Materials, said: "We are pleased to be
able to further strengthen our relationship with SOPO through these
ongoing discussions, which are at an advanced stage, and are
excited by the plans to build our first Accoya® manufacturing
facility in Asia."
Greg Lee,
Chairman of Diamond Wood China, said: "This is a significant
step in the development of our business, and is further evidence of
the fruits of our strategy to maximise returns from our technology
license and commercial relations across China and Asia."
Mr. Shao
ShouYan, Vice President of SOPO Group
said: "Accoya® is a premium, long-lasting wood with excellent
market prospects in China. SOPO will be able to provide
significant expertise in the construction and operation of the
planned Accoya® factory, and will extend SOPO's acetyls value chain
to supply acetic anhydride, the key raw material used to produce
Accoya®."
THE DIRECTORS OF CLEANTECH
BUILDING MATERIALS PLC ACCEPT RESPONSIBILITY FOR THE CONTENTS OF
THIS ANNOUNCEMENT.
Further Enquiries:
Cleantech
Building Materials plc |
info@cbm-plc.com
|
Keswick
Global AG (Certified Adviser) |
info@keswickglobal.com
+43 1 740 408045
|
IFC
Advisory Limited (Financial PR)
Tim Metcalfe
Heather Armstrong |
+44 20
3053 8671 |
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleantech Building Materials via
Globenewswire
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