Accsys Ditches Hull Plant

ACCSYS has today announced that it is ditching its plan for a new Tricoya plant in Hull and construction at the site will not restart.

The company, which manufactures wood building materials, said the decision to cease construction of the new plant follows a strategic review.

Production will instead be focused on the company’s plants in the Netherlands and USA.

Winding up of the Tricoya plant is costing the company around £25 million. Despite this, the Accsys managerial board has decided that it is in the best interests of the company and its shareholders to discontinue its expansion plans.

The construction site to build a next generation production plant started in 2017 but met with a series of setbacks and rising costs. Following forecast costs rising from £35m to £120m, and a dispute with its main contractor, building stopped in 2022 and last year the review of its future was announced.

Accsys Ditches Hull Plant

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 de-risks 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.”

The Hull plant was expected to create around 30 new jobs in the region.

>> Read more about Accsys in the news