New Joint Venture to Develop Wood Composite Technology
The British developer of Accoya wood technology, Accsys Technologies PLC, has entered into a new joint venture with Ineos to develop wood elements acetylation technology and processes for use in MDF, particle board and wood plastic composites. The new company, Tricoya Technologies Ltd., will develop and exploit a technlogy said to give engineered wood products a level of durability and dimensional stability that is comparable with or superior to non-wood products.
Significantly, Tricoya technology enables MDF wood to be competitive with non-wood materials, opening up markets in a number of new applications that have been dominated by plastics, metals, resin and cement based products, company officials state. Products using the technology also maintain the advantages of wood, including a high strength to weight ratio and excellent mechanical and machining properties, it is noted.
Ineos, also based in the UK, is said to be one of the world’s biggest petrochemical companies. As part of the transaction, the new joint venture has been granted rights to exploit Accsys’ Tricoya technology, but will also benefit from intellectual property held by Ineos.
“We are delighted to have joined Accsys in this new field," says Peter Williams, CEO of Ineos Technologies. "The outstanding durability and stability of Tricoya offers the building industry valuable new options for the application of high-performance, cost-competitive and more sustainable wood based materials. Our skills complement those of our partner, and together we will realize important synergies for the new company. We are looking forward to the joint venture accelerating the commercialization of this new materials technology around the world.”
"2012 is proving to be a year of tremendous progress for Accsys and this joint venture has confirmed the advances that we have made in recent years," says Paul Clegg, Accsys' CEO. "Forming this partnership with INEOS, a global petrochemical player and a global leader in the field of technology development and licensing, reinforces our ability to meet the expectations of our customers, partners and shareholders. We are confident that our combined resources will ensure that Tricoya becomes the ubiquitous product that its performance mandates it should. The investment that INEOS has made, both into the joint venture and separately as a new shareholder into Accsys, strengthens our position as the undisputed world leaders in wood modification technology and enhances our ability to deliver value from our technology platform.”