Under the agreement, FINSA is granted exclusive rights for manufacturing high-performance wood-based panels from Tricoya® wood elements in Spain and Portugal, with non-exclusive distribution rights in other territories. FINSA will sell the panels under the Tricoya® brand and pay a combination of royalty and licence fees to Accsys’ subsidiary Tricoya Technologies Ltd (TTL), with the first instalment of the licence fee payable immediately.
The supply of acetylated material for the production of Tricoya® panels by FINSA will initially be met from Accsys’ Accoya® plant in Arnhem, NL, and then in the form of Tricoya® chips from the world’s first Tricoya® plant in Hull, UK which is under construction and expected to be operational in 2019.
This is a significant development for Accsys, as the anticipated future demand for Tricoya® chips indicated by FINSA together with the existing offtake agreement with Medite Europe DAC, is expected to result in the Hull plant being significantly loaded and as a consequence cash generative at an earlier point.
Commenting, Paul Clegg, CEO of Accsys, said:
“I am delighted to announce this agreement with FINSA. A partnership with FINSA, a well-established company with a reputation for innovation, is a great endorsement of our proprietary technologies and the Tricoya® business proposition. Incremental panel production should ensure that the Tricoya® plant is significantly loaded and able to generate positive EBITDA at an earlier point. We see this agreement as an important step towards establishing Tricoya® as the world’s leading high-performance sustainable wood-based panel, stimulating demand for further growth.”
Gonzalo Frey Pazos, Business Director, FINSA and Javier Portela López, R&D and Quality Director, FINSA said:
“FINSA is pleased to announce its cooperation agreement with Accsys. As a pioneer in the manufacture of all types of wood-based solutions, we at FINSA are sure that this agreement will herald new exterior applications which will bring value to both our customers and to stakeholders. The aim of the agreement is to generate real value thanks to the combination of FINSA’s manufacturing experience and Accsys’ expertise in the acetylation of wood. We shall now get to work on offering these solutions to the marketplace.”