AIM: AXS
Euronext Amsterdam:
AXS
19
September 2024
THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION
Accsys Technologies
PLC
("Accsys", the "Group" or the "Company")
Accsys to discontinue Hull
Plant
Strategic
focus on Accoya and Tricoya production from existing
sites
Accsys, the world's leading supplier
of premium, high performance and sustainable wood building
materials, today announces that it will discontinue the Tricoya
plant in Hull owned by Tricoya UK Limited ('Tricoya UK'), a wholly
owned entity of Accsys set up for the construction and operation of
the Tricoya plant.
Further to previous announcements,
the Accsys Board has thoroughly evaluated all available strategic
and funding options for Tricoya UK. In line with the Company's
stated timeline, this review has now been completed and the Board
has decided that it is in the best interests of Accsys and its
shareholders to discontinue the Tricoya plant.
A final exceptional non-cash
impairment charge of circa €20m and an exceptional cash cost of
circa €4.5m will be recognised in the Company's H1 FY25 results for
the discontinuation and winding up of the Tricoya plant. Accsys
retains the intellectual property for Tricoya and will continue
producing materials for the Tricoya product range from its
production site in Arnhem to meet growing demand from existing
customers.
Commenting on today's announcement, Dr Jelena Arsic van Os,
CEO Accsys Technologies PLC, said:
"Whilst this is a difficult
decision, the Board is confident that this is the right course of
action for the Company and its shareholders.
Discontinuing the Hull plant further
derisks and simplifies our business and enables us to fully focus
on maximising returns from our existing assets. Today's actions,
alongside our expansion in Arnhem and newly opened Kingsport
facility, underpin our confidence in delivering profitable growth
as we progress towards our target of 100,000m³ production by the
end of FY27."
Ends
This announcement comprises inside
information for the purposes of EU MAR and UK MAR. The person
responsible for making this announcement is Nick Hartigan, General
Counsel and Company Secretary, Accsys Technologies PLC.
Enquiries:
Investor Relations / Analysts:
ir@accsysplc.com
Media: Clemens Sassen,
Tessa Nelissen, Huijskens Sassen Communications (NL)
+31 (0) 20 68 55
955
Deutsche Numis (London):
Oliver Hardy (NOMAD), Ben Stoop
+44 (0) 20 7260 1000
ABN
Amro (Amsterdam): Richard van
Etten, Dennis van Helmond
+31 20 344 2000
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® wood and Tricoya®
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'.
Accsys is a Participant of the
United Nations Global Compact and adheres to its principles-based
approach to responsible business.
Visit www.accsysplc.com
Accoya® 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™ 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®
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® acetylated
wood elements are produced for use in the fabrication of panel
products such as medium density fibreboard (MDF). Panel products
made with Tricoya® 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®,
Tricoya® 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® registered brand
trademark, from Tricoya Technologies Limited, a subsidiary of TWL
with exclusive rights to exploit the Tricoya®
brand.
