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(Sharecast News) - Water technology firm Xeros Technology Group has inked a binding agreement with Ramsons, the largest supplier of garment finishing equipment in South Asia.
The agreement will see Ramsons develop, manufacture and sell equipment used in the manufacture of denim jeans that will incorporate Xeros' XOrb and XDrum products across a range of denim processing machines on an exclusive basis across South Asia and Africa.
The AIM-listed group expects to finalise a commercial agreement with Ramsons in the fourth quarter of 2019, with garment finishing equipment set to be available by the end of the first quarter of 2020.
Chief executive Mark Nichols said: "Our agreement with Ramsons is yet another major milestone in the commercialisation of our technologies under a license model, and the first with an OEM in the textiles market.
"By incorporating Xeros' products in their machines, Ramsons have the capacity to make a significant contribution to extending precious resources throughout South Asia and Africa."
As of 0850 BST, Xeros shares had shot up 9.63% to 7.40p.
3 Mar 2020 14:35
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