Accsys Technologies - Tricoya project to be discontinued
Accsys will discontinue the Tricoya project in Hull, England, as it has not found a financial or strategic partner to finalise the construction of the plant. The project started in 2017 and was put on hold in November 2022 after several problems during construction. Accsys will write down the remaining book value of €20m and will need €4.5m for the discontinuation and winding up of the plant. Although this is a setback for the company’s strategy to boost Tricoya sales, Accsys will continue to supply Accoya material to produce Tricoya panels. Our discounted cash flow (DCF) comes in lower at €0.92 as we have taken out the option value for Hull, which is not fully compensated for by the absence of running costs for this plant.Accsys Technologies is a holding company. Through its subsidiaries, Co. is a chemical technology group focused on the development and commercialization of a range of transformational technologies based upon the acetylation of solid wood and wood elements (wood chips, fibres and particles) for use as construction materials. Co.'s business consists of the following: commercial scale Accoya® wood production and sales facility in Arnhem; building and operating of Tricoya® wood chip acetylation plant in Hull; Accoya and Tricoya technology licensing and business development; and technology and product development.
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