Accsys announced that it will discontinue construction on the Tricoya plant in Hull, UK, owned by Tricoya UK Limited, which was being built to produce a high-performance, wood-based panel. Money earmarked for the plant is being diverted to other projects including those in the U.S.

Tricoya UK Limited is a wholly owned entity of Accsys set up for the construction and operation of the Tricoya plant.

Further to previous announcements, the Accsys Board has thoroughly evaluated all available strategic and funding options for Tricoya UK. In line with the Company’s stated timeline, this review has now been completed and 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 circa €20m and an exceptional cash cost of circa €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.
Commenting on today’s announcement, 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.”