Accsys, the supplier of sustainable wood building materials, has announced that it will discontinue the Tricoya plant in Hull owned by Tricoya UK Limited, a wholly owned entity of Accsys set up for the construction and operation of the Tricoya plant.
The Accsys Board is said to have thoroughly evaluated all available strategic and funding options for Tricoya UK. With a review now completed, the Board has decided that it is in the best interests of Accsys and its shareholders to discontinue the Tricoya plant.
A final exceptional non-cash impairment charge of €20m and an exceptional cash cost of €4.5m will be recognised in the company’s H1 FY25 results for the discontinuation and winding up of the Tricoya plant.
Accsys retains the intellectual property for Tricoya and will continue producing materials for the Tricoya product range from its production site in Arnhem to meet growing demand from existing customers.
Dr Jelena Arsic van Os, CEO Accsys Technologies PLC, said: “Whilst this is a difficult decision, the Board is confident that this is the right course of action for the company and its shareholders.
“Discontinuing the Hull plant further derisks and simplifies our business and enables us to fully focus on maximising returns from our existing assets. Today’s actions, alongside our expansion in Arnhem and newly opened Kingsport facility, underpin our confidence in delivering profitable growth as we progress towards our target of 100,000m³ production by the end of FY27.”
