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LONDON (Alliance News) - Xeros Technology Group PLC on Friday said it signed a ten-year contract with Le Farc SA de CV to use Xeros's patented polymer technology in leather production facilities in Leon, Mexico.
Xeros didn't provide a monetary value for the contract.
The stock was trading 12% higher on Friday at 46.60 pence per share.
Le Farc is a leather producer with a weekly production totalling 5,000 hides.
Xeros said it expects leather produced by Le Farc, using its technology, to be incorporated in consumer products in March next year. Le Farc supplying brands such as Timberland and Wolverine.
The contract follows extensive trials which demonstrated material reductions in process inputs and effluent production and radically improves the sustainability of production, whilst maintaining high-quality leather output.
"In partnership with our customers, we can radically improve sustainability whilst sharing in the value our innovative technology creates," said Xeros Chief Executive Mark Nichols.
