The money is to expand existing sales and drive new international markets on the back of 30% year-on-year growth, the company said. However, that growth would require additional production and more sites closer to the target markets.
One would be a European factory in additional to its Norwegian headquarters, and the second in the US. The company said it was talking to potential partners, but no decision had been taken on locations, although the UK had been ruled out.
“We are reaching full capacity in our existing plant and the next stage would be to have extra production closer to our customers for service and also to be closer to the raw materials,” said Kebony international sales director Adrian Pye.
“Norway would serve the Scandinavian market and possible some others. Another would serve the others and also in the future we hope to bring in new species that can be treated.”
Mr Pye added: “I think we all in modified wood, and not just Kebony, are looking to take it to the next stage. More people are looking at modified wood: conservation, changes in EU regulation and price are driving that. The gap in price against hardwood at the top end is broadening.”
Kebony sales have grown 30% a year for the past five years. It has gained new money from technology specialist investor Investinor and matching funds from its present investors to support growth plans.
“Kebony is an exemplary company for Investinor,” said Investinor investment director Stig Anderson. “This is a timely investment for us as Kebony takes its sustainable, high-performance wood to fulfil demand in new, international markets.”
