Business
Extension of Contracts with AkzoNobel
Extension of Contracts with AkzoNobel.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 9307H Quadrise Fuels International PLC 26 November 2018 \n\nQuadrise Fuels International Plc\n \n(\"QFI\", \"Quadrise\" or the \"Company\")\n \nExtension of Contracts with AkzoNobel, to ensure continuing exclusive global support for MSAR® projects\n \nQuadrise Fuels International plc (AIM: QFI) is pleased to announce it has extended the contracts for the exclusive supply of goods and services and joint development for future MSAR® projects with AkzoNobel for a further year to November 2019, at which time the parties intend to enter into a new three-year exclusive global cooperation and supply agreement with new Nouryon legal entities that will be established during 2019.\n \nNouryon is the new company name for the AkzoNobel Specialty Chemicals Business, following its acquisition by The Carlyle Group on 1st October 2018.\n \nCommenting on this development:\n \nMike Kirk, Executive Chairman of QFI, said:\n \n\"The extension of these contracts with our core technology partner, AkzoNobel (now doing business as Nouryon), reinforces the commitment of both parties to commercialising the global MSAR® business. We are delighted that we have been able to extend the existing contracts to provide the exclusive global supply to Quadrise of the chemicals for the production of MSAR® for a further twelve months alongside the evergreen Joint Development Agreement, with the intention to transfer these rights to Nouryon this time next year for a further three years.\"\n \nDr Staffan Asplund, Technical Director at Nouryon, said:\n \n\"We have been working with Quadrise for many years and we are pleased to be able to continue supporting their progression. The extension of these contracts builds our long-standing partnership which has delivered significant technical progress. It is also a great example of how Nouryon is able to deliver a unique, customised surfactant system, that underpins Quadrise's proprietary MSAR® fuel technology that delivers significant benefits for existing producers and users of fuel oils.\"\n \nBackground to the AkzoNobel Agreements:\n \nQuadrise International Limited (\"QIL\"), the 100% owned operating subsidiary of QFI, is the contracting party for the original agreements signed in November 2013 and extended for a further two years in Nove...