Business
Solvay global co-operation agreement
Solvay global co-operation agreement.
About this update from Accsys Technologies Plc
[{"type":"text","content":"\n \nRNS Number : 3545O Accsys Technologies PLC 06 August 2014 \n \n\n \nAIM: AXS\nNYSE Euronext Amsterdam: AXS\n \n 6 August 2014\n \nACCSYS TECHNOLOGIES PLC\n('Accsys' or the 'Company')\n \nAccsys and Solvay enter into a global co-operation agreement. \nFreiburg confirmed as location of first Solvay Accoya® plant.\n \nAccsys, the chemical technology group, focused on the acetylation of wood, today announces that Solvay, the Belgian chemical group, confirmed its intention to build a 63,000m3 Accoya® wood production plant in Freiburg, Germany, with operations expected to start in the first half of 2016.\n \nAs we stated previously, the two parties have been exploring forms of further co-operation. As a result, Accsys is pleased to confirm that it has entered into a binding term sheet with Solvay, in respect of a three year non-exclusive global co-operation agreement to develop Accoya®, under which: \n \n1. Accsys has granted Solvay a non-exclusive global Accoya® licence option for defined available\n regions, reflecting Solvay's interest in Accoya® licensing outside of Europe, under conditions that\n reflect the improved acceptance of Accoya® in the market;\n2. Solvay will engage Accsys to carry out targeted marketing activities to develop the Accoya® market outside of Europe; and\n3. Solvay has granted Accsys the option to invest up to a substantial minority share in both the\n European project and in any future Accoya® production projects; this would allow Accsys to\n benefit from future manufacturing profits of any Accoya® manufacturing plants that Solvay\n may construct under licence. \nAccsys and Solvay have agreed to work together to complete the various full agreements implementing the detail of the binding term sheet. These agreements, including the final approval of the plant construction, are subject to approval by both corporates and are expected to be entered into by the end of December 2014.\n \nPaul Clegg, Chief Executive of Accsys commented:\n \n\"We believe in Solvay we have an excellent licensing partner and look forward to continuing to work with them to realise the further successful exploit...