Accsys Technologies, which uses a special treatment technology to make woods more tough and durable, has signed a licence agreement with a subsidiary of the Belgian company, Solvay.
The licence gives Solvay the exclusive rights to produce and sell Accsys's key product, Accoya Wood, for a 15-year period within all Council of Europe countries save for Belgium, Ireland, Luxemburg, the Netherlands and the United Kingdom.
There are still some provisions to be worked through but "both parties currently expect that the agreement will become ...fully effective in the second half of 2013."
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Paul Clegg, Accsys Chief Executive Officer, said: "It is a pleasure to be able to disclose the identity of our prospective licensee, Solvay, with whom we have been working closely for some time.
"Solvay is a leader in the production and sale of a wide range of performance materials sold into key market sectors of relevance to Accoya, including for use in buildings and the urban environment around the globe.
"As one of the world's leading producers of cellulose acetate, a material which shares certain processing components with our Accoya technology, they also have a set of technical capabilities which should further contribute to the success of this licence."
Accsys shares had risen 17% by 10:51.
BS
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