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LONDON - James Cropper plc (AIM:CRPR), a company specializing in Advanced Materials and Paper & Packaging (NYSE:PKG), has announced the sale of certain non-core intellectual property (IP) assets for €1.75 million in cash. The assets, developed by the company’s Centre for Innovation, are related to a manufacturing process and have been purchased by an unrelated engineering sector buyer.
The agreement, disclosed today, also includes deferred cash consideration of up to €250,000 contingent on the European Patent Office granting a patent for the assets by December 31, 2030. Furthermore, James Cropper has secured the right to earn cash royalties from the future revenue of projects that utilize the sold assets in the paper, pulp, board, and tissue industries. These royalties are capped at €2.2 million over the next nine years.
James Cropper retains the ability to use the sold assets at its manufacturing sites without any licensing fees. This sale is part of the company’s strategy to invest in its growth while maintaining the benefits from its technological developments.
CEO David Stirling expressed satisfaction with the transaction, emphasizing the realized value from the technology developed in-house. The deal allows the company to continue benefiting from these non-core assets and the potential for additional income in the coming years.
This strategic move is based on a press release statement from James Cropper plc.
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