Xeros technology has sold its bead tanning unit to Qualus to its management team that has formed a new company called ESTR to run the business after acquiring the contracts and assets.
With the help of a loan from Xeros more funding will need to be raised by the new owners to market the business whose patents it now holds but will have to pay a royalty. Xeros CEO Mark Nichols has said that “ESTR is best placed to commercialise our tanning patents. The team has the expertise and credibility both to execute existing and future contracts and to raise the finance required to take the business forward.”
Bead tanning technology has been used by Wollsdorf Leather in Austria.
From morningstar.co.uk