TIDMAXS
RNS Number : 8297G
Accsys Technologies PLC
29 July 2021
AIM: AXS
Euronext Amsterdam: AXS
29 July 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Accsys Technologies PLC
("Accsys", the "Group" or the "Company")
Purchase of assets for Accoya(R) Color production
Accsys, the fast-growing and eco-friendly company that combines
chemistry and technology to create high performance, sustainable
wood building products, announces that it has entered into a sale
and purchase agreement with Lignia Wood Company Limited ("Lignia")
and its administrators, to acquire certain assets, equipment and
technology at its 50,000 sq ft (4,650 sq m) manufacturing plant in
Barry, Wales for a consideration of EUR1.2m, including
approximately EUR0.5m for raw wood inventory.
Accsys will repurpose the equipment to convert Accoya(R) wood
into its new Accoya(R) Color product. Accoya(R) Color combines the
benefits of Accoya(R) wood with colour all the way through the wood
from surface to core, achieved through a patented process developed
over the last ten years. With limited initial production and supply
possible, it has so far only been launched into two European
markets.
The purchased assets will enable Accsys to grow production and
availability of Accoya(R) Color more rapidly, accelerating the
launch of the product into more geographic markets and for more
product applications. Lignia, a modified wood company, had produced
its modified wood products through a resin impregnation method;
Accsys does not intend to continue production of Lignia
products.
Accsys will operate the colouring process on the existing site
in Wales under a new lease entered into with the landlord for the
land and buildings, and with added expertise of former Lignia
staff. Once repurposed and integrated, the site will be expected to
be able to produce up to 12,500 m(3) of Accoya(R) Color per annum
with expansion in future being possible.
The acquired raw wood will be used for production of Accoya(R)
at our plant in the Netherlands.
The purchase will be funded from Accsys' existing cash resources
and will enhance the product mix offered to customers, with an
expectation of higher average selling price across the mix from the
added value of Accoya(R) Color in particular from FY23. The
integration of the assets with the existing Accoya(R) business will
be led by a dedicated integration team working separately from
Accsys' other strategic projects.
Rob Harris, Accsys CEO, said:
"We are pleased to announce the purchase of these assets, which
will enable us to meet the strong demand for our fast-growing
Accoya(R) Color product. Since launching Accoya(R) Color in the
DACH region in Europe last year, we have seen very strong demand
from our customers and are looking forward to increasing its
availability as a high value, highly desirable product.
Onsite due diligence confirmed that these assets can be
converted to provide cost-effective near-term expansion for
Accoya(R) Color production. This is expected to allow us to
accelerate our plans to grow Accoya(R) Color both in its current
markets and into more markets as part of our ongoing global growth
strategy."
Ends
For further information, please contact:
Accsys Technologies PLC ir@accsysplc.com
Sarah Ogilvie, Investor Relations
======================================== ======================
Numis Securities (London)
Oliver Hardy (NOMAD), Ben Stoop +44 (0) 20 7260 1000
======================================== ======================
Investec Bank plc (London)
Carlton Nelson, Alex Wright +44 (0) 20 7597 5970
ABN Amro (Amsterdam)
Richard van Etten, Dennis van Helmond +31 20 344 2000
======================================== ======================
FTI Consulting (UK)
Matthew O'Keeffe, Alex Le May +44 (0) 20 3727 1340
======================================== ======================
Off the Grid (The Netherlands)
Frank Neervoort, Yvonne Derske +31 681 734 236
======================================== ======================
Notes to editors:
Accsys (Accsys Technologies PLC) is a fast-growing business with
a purpose: changing wood to change the world. The company combines
chemistry, technology and ingenuity to make Accoya(R) wood and
Tricoya(R) wood elements: high performance wood products that are
extremely durable and stable, opening new opportunities for the
built environment and giving the world a choice to build
sustainably. Accsys transforms fast-growing, certified sustainable
wood into building materials with an up to 50-year warranty,
locking carbon stored in the wood into useful products for decades,
with performance characteristics that match or better those of
non-renewable, resource-depleting and polluting alternatives.
Accsys is listed on the London Stock Exchange AIM market and on
Euronext Amsterdam, under the symbols 'AXS'. Visit
www.accsysplc.com
Accoya(R) solid wood is sustainable, durable, and stable with
exceptional performance, finish and sustainability. Accsys'
proprietary acetylation process makes the wood more dimensionally
stable and because it is no longer easily digestible, extremely
durable. It is one of very few building materials to be Cradle to
Cradle Certified(TM) at the Gold level, with a Platinum rating for
Material Health, confirming that no harmful or toxic additives or
chemicals are present to leach out into the environment. Primary
applications for Accoya(R) wood include windows, doors, cladding
and decking, where the combination of performance and
sustainability benefits compete favorably against hardwoods,
plastics, metals and concrete. Visit www.accoya.com
Tricoya(R) acetylated wood elements are produced for use in the
fabrication of panel products such as medium density fibreboard
(MDF). Panel products made with Tricoya(R) wood elements are truly
durable and stable enough for use outdoors and in wet environments,
unlocking new possibilities for design and construction. They have
been lauded as the first major innovation in the wood composites
industry in more than 30 years and bring the flexibility of
traditional panel products and sustainability benefits of wood to a
whole new range of applications. Visit www.tricoya.com
Any references in this announcement to agreements with Accsys
shall mean agreements with either Accsys or its subsidiary entities
unless otherwise specified. 'Accsys' and 'Accsys Technologies' are
trading names of Titan Wood Limited ("TWL"), a wholly-owned
subsidiary of Accsys Technologies PLC. Accoya (R) , Tricoya (R) and
the Trimarque Device are registered trademarks owned by TWL, and
may not be used or reproduced without written permission from TWL,
or in the case of the Tricoya (R) registered trademark, from
Tricoya Technologies Limited, a subsidiary of TWL with exclusive
rights to exploit the Tricoya (R) brand.
Market Abuse Regulation
This Announcement contains inside information for the purposes
of EU Market Abuse Regulation and UK Market Abuse Regulation. Upon
publication of this Announcement, the inside information is now
considered to be in the public domain. The person responsible for
arranging for the release of this Announcement on behalf of Accsys
is Angus Dodwell, Legal Counsel & Company Secretary.
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