Accsys Technologies announces completion of INEOS subscription

Accsys Technologies, which recently announced a 50:50 joint venture with NEOS Industries Holdings, has announced the completion of INEOS's subscription for 23.53m shares in Accsys at 0.17 euro per share.

The two companies have formed a new joint venture company, Tricoya Technologies, which has been formed to develop and exploit Accsys' Tricoya technology for use within MDF, particle board and wood plastic composites.

Paul Clegg, Accsys' Chief Executive Officer, said: "We are very pleased and encouraged to be able to welcome INEOS, a global petrochemical player and a global leader in the field of technology development and licensing, as a significant shareholder in Accsys.

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"This €4.0m investment, together with INEOS's commitment to the Tricoya Technologies Limited joint venture strengthens Accsys' position as the undisputed world leaders in wood modification technology and enhances our ability to deliver value from our technology platform."

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