Accsys announced an agreement to build, operate and finance the world’s first Tricoya® wood chip manufacturing plant in Hull, the UK. According to the announcement, the Tricoya® project agreements follow Accsys’ strategy which includes increasing its manufacturing capacity and commercialising its proprietary intellectual property in order to generate significantly higher revenue and maximise returns for shareholders.
With the capacity increase Accsys expects to meet demand from the substantial and growing markets for Accoya and Tricoya globally.
Paul Clegg, Chief Executive of Accsys, commented:
“We are delighted to update our shareholders on these two transformational projects to secure new manufacturing capacity for Tricoya® wood elements and additional capacity for Accoya® solid wood. These developments will allow us to take advantage of the growing market opportunity for both Tricoya and Accoya which we believe to be substantial with demand continuing to grow for both products.
Our ongoing relationship with industry leaders, BP, Medite and Solvay Acetow, and new financial backing from BGF, Volantis and RBS, are a strong endorsement of Accsys’ unique expertise and technologies. As a result, we are extremely well placed to capitalise on the significant growth potential for the benefit of our shareholders.
These strategic initiatives are underpinned by strong revenue and demand growth, announced in this morning’s
trading update and we are excited about the transformational developments reflected in today’s announcements.”
Earlier International Timber informed that seven members of its sales team visited the Netherlands to participate in a two-day distributor training session on Accoya wood with Accsys Technologies.
About the Accsys Group:
The group comprises the holding company (Accsys Technologies PLC) and four wholly-owned subsidiaries (Titan Wood Limited, Titan Wood B.V., Titan Wood Technology B.V. and Titan Wood Inc.), which operate under the guidance of a group management team.
Each Titan Wood subsidiary trades under the “Accsys” or “Accsys Technologies” name.