Xeros Technology Group plc shares up 66% following contract win

Xeros Technology Group plc has signed a 10-year contract with Le Farc SA de CV. As a result, the contract will convert Le Farc’s re-tanning operations in León, Mexico to use Xeros’ patented polymer technology.

Xeros Technology is a platform technology company that reinvents water intensive industrial and commercial processes. Currently, Xeros has three divisions working in the garment finishing, tanning and laundry markets.

Additionally, Le Farc is a leading global tannery that produces leather for shoes, supplying brands such as Timberland and Wolverine.

Le Farc’s leather will incorporate Xeros’ technology in consumer products after March 2019.

Mark Nichols, Chief Executive of Xeros, commented:

“This contract with Le Farc confirms that our tanning technologies are viable and play a valuable role in the production of leather. In partnership with our customers, we can radically improve sustainability whilst sharing in the value our innovative technology creates.”

“We have successfully validated our technology through re-tanning trials for over 40 different recipes with multiple tanneries in Europe and Mexico.”

Moreover, he said:

“The considerable interest we are seeing from leading tanneries is a strong indication of the potential to increase rapidly the deployment of our technology in what is a global scale industry – we expect to secure further contracts into the future.”

At 14:59 GMT, shares in Xeros Technology Group (LON:XSG) were trading at +66.27%.

Previous articleNo-deal Brexit fears return, pound drops
Next articleOsirium Technologies plc contract win