Titan Wood Announces Tricoya® Collaboration with Medite Europe - 17/03/2009
Titan Wood is pleased to announce that it has agreed to heads of terms with Medite Europe Limited, a leading producer of panel products. This agreement is a milestone to the potential creation of a joint development agreement between the two companies. Medite and Titan Wood are presently exploring ways in which they can combine their expertise and know-how to jointly develop an economically viable, non-toxic, and stable medium density fibreboard (MDF) panel made from acetylated wood fibres. Testing to-date has demonstrated enhanced durability and dimensional stability that is substantially differentiated from standard MDF products and will allow their use in new and exciting applications, including outdoors.
Medite is a pioneering and forward looking company with more than 25 years experience in the wood composites sector. Medite currently offers a broad range of MDF products and is keen to explore the potential to expand their product offerings through the adoption of this new fibre-based technology.
Titan Wood, the only company in the world to produce acetylated wood on a commercial scale, has already proven to be a market leader and currently produces Accoya® solid wood using the company's own non-toxic, environmentally responsible, proprietary technology. The Company is now seeking to extend its proprietary technology to the production of wood composite ingredients. Working with production partners, it is the Company's goal to license their revolutionary production technology, branded as Tricoya®, for new applications in wood based composites fabricated from acetylated lignocellulosic biomass materials.
Finlay Morrison, Chief Executive Officer of Titan Wood, added, "As a step-change product, Accoya® has demonstrated that it is possible for wood to be both durable and environmentally sound. Tricoya® technology is a logical next phase for the company. It will offer manufacturers the opportunity to develop high value, high performance, innovative wood composite products that can be used with absolute confidence in new and challenging applications. We are delighted to be collaborating with Medite, an industry leader, to work together to produce the most durable, stable and sustainable composite panels on the market."
Notes to editors:
Titan Wood Limited is a wholly owned subsidiary of Accsys Technologies PLC (www.accsysplc.com), an environmental science and technology company whose primary focus is on the production of Accoya® wood and technology licensing. Titan Wood (www.titanwood.com) has manufacturing operations in Arnhem, the Netherlands, a European office in London and an Americas office in Dallas, Texas. Accsys' operations comprise three principal business units: (i) the Accoya® wood production facility located in Arnhem; (ii) technology development, focused on a programme of continuous improvements to the process engineering and operating protocols for the acetylation of wood which are currently under development and the development of technology for the acetylation of wood elements; and (iii) the licensing of technology for the production of Accoya® wood and Tricoya® wood elements across the globe. Accsys Technologies PLC is listed on the London Stock Exchange AIM market and Euronext Amsterdam by NYSE Euronext under the symbol ‘AXS’.
Medite Europe Ltd (www.medite-europe.com) is highly regarded globally in the panel market as a groundbreaking and forward looking company. Medite, based in Clonmel, Ireland has an MDF mill capacity of approximately 450K m3 per annum. Medite is a key part of the Panel Products division of parent company Coillte, which is wholly-owned by the Irish government. Owning nearly 450 thousand hectares of FSC certified
managed forest land; Coillte's 2007 turnover was more than €300 million with a profit of €40 million. Coillte operates three divisions: Forest, Enterprise, and Panel Products. More information can be found at www.coillte.ie and www.medite-europe.com.
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