ZRX Zirax

 

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 
 
 MSCPUUWUAUPBGUM 
 

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