- Water-saving product supplier Xeros Technology Group said it had signed a 10-year contract with Le Farc to convert its re-tanning operations in Mexico to use Xeros' patented polymer technology.

Xeros said it anticipates leather produced by Le Farc using its technology to be incorporated in consumer products after March 2019.

The tannery produced 5,000 hides per week for shoes, supplying brands such as Timberland and Wolverine.

'We have successfully validated our technology through re-tanning trials for over 40 different recipes with multiple tanneries in Europe and Mexico,' chief executive Mark Nichols said.

'The considerable interest we are seeing from leading tanneries is a strong indication of the potential to increase rapidly the deployment of our technology in what is a global scale industry - we expect to secure further contracts into the future.'

At 8:27am: [LON:XSG] Xeros Technology Group Plc share price was +5.1p at 46.6p

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