Update on Rosignano
27 Mai 2009 - 12:13PM
UK Regulatory
TIDMZRX
RNS Number : 8722S
Zirax PLC
27 May 2009
Zirax plc
("Zirax" or the "Company")
Update on Rosignano
Zirax, the AIM quoted speciality chemical company focused on the development,
production and sale of oilfield process chemicals and de-icing solutions, today
announces that it has together with Solvay S.A. ("Solvay") initiated a process
of renegotiation of the existing supply and licensing agreements at the
Rosignano plant in Italy. The common aim of both parties is to revisit the
provisions of those agreements, in particular with regard to the technical
performance of the production unit.
As part of this process, both parties have agreed the return to Zirax of the
advance payment that Zirax made pursuant to the supply agreement for a total of
EUR2.2m (EUR2.0m in advance payment costs originally paid to Solvay, plus an
additional EUR0.2m in interest payments), and this payment has been received by
Zirax. Zirax will continue to source product from the Rosignano plant while the
renegotiations take place. Both companies are confident they can reach a
mutually acceptable adaptation of the supply and licensing agreements.
The Company believes that the outcome of the renegotiations will provide Zirax
with greater commercial clarity, so that it can continue with its strategy to
expand the business internationally and meet continued customer demand for its
premium grade products.
Commenting on the announcement, Fenlon Dunphy, Chief Executive Officer of Zirax,
said: "Zirax remains in a position of having more demand for its products than
can currently be supplied, however, we remain committed to expanding production,
and in turn substantially growing the size of our increasingly international
business; either through acquisition, license agreements or the development of
existing and new plant facilities. As the Company continues to undergo
significant change, opening up new revenue streams and new markets, the medium
to long term outlook remains positive, and I look forward to updating you more
on our progress at the preliminary results in June."
END
About Zirax
Zirax is a speciality chemical company manufacturing and supplying oilfield
process chemicals and de-icing solutions to a global customer base. Zirax is the
second largest supplier of calcium chloride pellets globally and the leading
supplier in the Eastern Hemisphere. Zirax is quoted on AIM section of the London
Stock Exchange (ticker: ZRX), is headquartered in London and has supply sources
based in Western Europe and Russia. More information is available at http://
www.zirax.com
Enquiries:
+-----------+-----------+-----------+
| Zirax | Fenlon | T: +44 |
| | Dunphy, | (0)20 |
| | CEO | 7868 1694 |
+-----------+-----------+-----------+
| | | |
+-----------+-----------+-----------+
| Hanson | Tim | T: +44 |
| Westhouse | Metcalfe | (0)20 |
| Limited | | 7601 6100 |
+-----------+-----------+-----------+
| | Richard | |
| | Baty | |
+-----------+-----------+-----------+
| | | |
+-----------+-----------+-----------+
| Cardew | Tim | T: +44 |
| Group | Robertson | (0)20 |
| | | 7930 0777 |
+-----------+-----------+-----------+
| | David | |
| | Roach | |
+-----------+-----------+-----------+
| | Daniela | |
| | Cormano | |
+-----------+-----------+-----------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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