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What is the story about?
Lloyds Engineering Works has entered into a purchase agreement with The Material Works Limited (TMW), a US-based company, according to a regulatory filing made on January 10.
The company informed stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the agreement has been signed with TMW, which is incorporated in Delaware and operates from Red Bud, Illinois.
Under the agreement, Lloyds Engineering will design, manufacture and sell Eco Pickled Surface (EPS) Generation 4 cells using TMW’s patented technology. The arrangement allows Lloyds Engineering to operate globally, excluding China, Macao, Hong Kong, Taiwan and within a 350-mile radius of Red Bud, Illinois.
The agreement is structured as a licensing arrangement, under which TMW will grant rights to its EPS Gen 4 technology and provide related technical support services. These include design improvements, technical and sales training, and access to marketing materials.
As per the disclosure, Lloyds Engineering will make annual cash payments to TMW, along with agreed earn-out payments for a specified period. The company stated that it is entitled to manufacture and sell an unlimited number of EPS cells during the term of the agreement.
Lloyds Engineering clarified that the transaction does not fall under related party transactions and that neither the promoters nor promoter group entities have any interest in TMW.
The EPS Gen 4 technology enables steel surface cleaning without the use of acid, eliminating acid-based pickling processes. According to the company, the process involves recyclable materials and results in zero effluent discharge.
The company did not disclose the financial value of the agreement.
The company informed stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the agreement has been signed with TMW, which is incorporated in Delaware and operates from Red Bud, Illinois.
Under the agreement, Lloyds Engineering will design, manufacture and sell Eco Pickled Surface (EPS) Generation 4 cells using TMW’s patented technology. The arrangement allows Lloyds Engineering to operate globally, excluding China, Macao, Hong Kong, Taiwan and within a 350-mile radius of Red Bud, Illinois.
The agreement is structured as a licensing arrangement, under which TMW will grant rights to its EPS Gen 4 technology and provide related technical support services. These include design improvements, technical and sales training, and access to marketing materials.
As per the disclosure, Lloyds Engineering will make annual cash payments to TMW, along with agreed earn-out payments for a specified period. The company stated that it is entitled to manufacture and sell an unlimited number of EPS cells during the term of the agreement.
Lloyds Engineering clarified that the transaction does not fall under related party transactions and that neither the promoters nor promoter group entities have any interest in TMW.
The EPS Gen 4 technology enables steel surface cleaning without the use of acid, eliminating acid-based pickling processes. According to the company, the process involves recyclable materials and results in zero effluent discharge.
The company did not disclose the financial value of the agreement.
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