Brief: Borregaard: Update On Lignotech Ibérica Agreement With Sniace Group

BORREGAARD ASA

10/09/2019 12:52

Sept 10 (Reuters) - Borregaard ASA  BRGD.OL :
    * DUE TO CHALLENGING MARKET CONDITIONS FOR ITS LIGNIN PRODUCTS THE BOARD OF LIGNOTECH
IBÉRICA,
DECIDED TO GIVE NOTICE OF TERMINATION OF AGREEMENT GOVERNING SUPPLY OF RAW MATERIAL FROM SNIACE
ON 25 OCTOBER 2017
    * SNIACE GROUP HAS NOTICED BOARD OF LIGNOTECH IBÉRICA THAT IT WILL EXERCISE ITS RIGHT TO
REQUEST
AN EXTENSION OF RAW MATERIAL SUPPLY AGREEMENT TO 31 DECEMBER 2021
    * LIGNOTECH IBÉRICA, A COMPANY OWNED 60% BY BORREGAARD AND 40% BY SPANISH SNIACE GROUP
    * FOLLOWING REQUEST FROM SNIACE, AGREEMENT WILL TERMINATE WITH EFFECT FROM 1 JANUARY 2022
UNLESS
PARTIES AGREE ON A CONTINUATION OF COOPERATION

Source text for Eikon:  ID:nGNE8vyXFX 
Further company coverage:  BRGD.OL 

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