REG - Accsys Technologies - Hull Plant

Accsys TechnologiesAnnouncement

19/09/2024 07:00

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RNS Number : 7796E  Accsys Technologies PLC  19 September 2024

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
(mailto: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 (http://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
(http://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 (http://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.

 

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