Xeros Technology Group plc Xeros signs JDA with Chinese washing machine OEM (8739N)
23 January 2019 - 8:12PM
UK Regulatory
TIDMXSG
RNS Number : 8739N
Xeros Technology Group plc
23 January 2019
The headline for the Xeros Technology Group plc announcement
released on 23 January 2019 at 8:32am under RNS No 8701N should
read 'Xeros signs JDA with Chinese washing machine OEM'.
The announcement text is unchanged and is reproduced in full
below.
23 January 2019
Xeros Technology Group plc
Xeros signs joint development agreement with Chinese domestic
washing machine OEM
Xeros Technology Group plc (AIM: XSG, 'Xeros', 'the Group'), the
developer and provider of water saving technologies with multiple
commercial applications, has today signed a Joint Development
Agreement ('JDA') with Wuxi Little Swan Company Limited, a
subsidiary of Midea Group ('Midea'), the Chinese manufacturer of
home appliances. Midea is one of the world's largest manufacturers
of domestic washing machines.
The scope of the non-exclusive JDA is to develop and design a
prototype including Xeros' technologies. If successful, the
agreement allows for both parties to enter into commercial
discussions under a separate agreement and timetable.
In 2017 Wuxi Little Swan Company sold 12.4m washing machines in
China giving it a 28% share of the retail market. It also exported
3.87 million washing machines[1].
Mark Nichols, Chief Executive of Xeros commented:
"Our strategy is to license our technologies to major OEMs who
have significant market presence around the world. Following our
agreement last July to license our commercial washing machine
technology in China, this JDA represents a major step forward for
Xeros in the domestic washing machine market."
Enquiries:
Xeros Technology Group plc Tel: 0114 321 6328
Mark Nichols, Chief Executive Officer
Paul Denney, Chief Financial Officer
Jefferies International Limited (Nominated Tel: 020 7029 8000
Adviser and Joint Broker)
Simon Hardy / Will Soutar
Berenberg (Joint Broker) Tel: 020 3207 7800
Chris Bowman / Ben Wright / Laure Fine
Instinctif Partners (Financial PR) Tel: 020 7457 2020
Adrian Duffield / Kay Larsen/ Chantal Woolcock
Notes to Editors
Xeros Technology Group plc (LN: XSG) is a platform technology
company that is reinventing water intensive industrial and
commercial processes.
Xeros' uses its patented XOrb(TM) technologies to significantly
reduce the amount of water used in a number of major applications
with the remaining water becoming far more efficient in either
affixing or removing molecules from substrates such as fabrics and
garments. The result being significant improvements in economic,
operational and sustainability outcomes.
Xeros has three divisions working in the garment finishing
(Textile Technologies), tanning (Tanning Technologies, branded
Qualus) and cleaning/laundry (Cleaning Technologies) markets. In
cleaning/laundry, the company has three applications covering
domestic laundry, commercial laundry (branded "Hydrofinity") and
the cleaning of high-performance workwear (branded "Marken").
For more information, please visit -
http://www.xerostech.com/
Midea is the world's largest producer of major appliances. The
company was founded in 1958 and now employs more than 100,000
people. Its business segments include consumer appliances, air
conditioning, robotics and industrial automation. In 2017 Midea
ranked 323 on the Forbes Global 500 list and has placed on the list
in each of the last three years. In 2017 the company had a market
value of 363 bn CNY / $53.2 bn and revenues of 241 bn CNY / $35.5
bn. It ranks 26(th) on the BrandZ(TM) list of the top 100 most
valuable Chinese brands and is the highest-ranking home appliance
brand in each of the last three years[2].
Wuxi Little Swan Company Limited is a well-known Chinese
manufacturer of home appliances, particularly washing machines. It
was established in 1958 as the first washing machine manufacturer
in China. Little Swan was acquired by Midea in 2010. In 2017 the
company generated revenues of 21.3bn CNY / $3.1 bn. It has a 28%
share of the Chinese market for domestic washing machines and
exports 3.87 million machines[3].
[1] http://q.stock.sohu.com/newpdf/201830337399.pdf
[2]
http://img.midea.com/global/investors/financial_statements/annual_reports/201804/P020180427758994105148.pdf
[3] http://q.stock.sohu.com/newpdf/201830337399.pdf
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END
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