Axion, Sicut form joint venture
Written by William C. Vantuono, Editor-in-ChiefAxion International announced that it has signed a letter of intent with Sicut Holding Ltd. to form a global joint venture for the manufacture and sale of Recycled Structural Composite (RSC) crossties utilizing their respective licenses from Rutgers University.
The new company, to be known as Axion Rail LLC, will be 65% owned by Axion, which is based in the U.S., and 35% by U. K.-based Sicut.
Axion’s current licenses cover markets in North America, South America, Australia, Russia, and a portion of the Chinese market. Sicut is the licensee of patents owned by Rutgers for Europe, India, South Africa, Southeast Asia, and part of the Chinese market.
“We have been working with our partners at Sicut since Axion’s founding,” said Steve Silverman, Axion’s president and CEO. “However, instead of dividing our efforts among the world’s different geographic regions, the time has come to take advantage of our synergies and combine forces to sell our innovative products on a truly global basis.”
