Lloyds Engineering Works Limited on January 10, 2026, announced that it has entered into a purchase and licensing agreement with The Material Works Limited, a Delaware-incorporated firm, to manufacture and sell acid-less steel pickling technology globally.
In an exchange filing, Lloyds Engineering said the agreement allows it to design, manufacture and sell EPS Gen-4 cells, an advanced acid-free steel surface treatment technology, developed and patented by The Material Works over the last 15 years. The arrangement is international in nature and excludes China, Macao, Hong Kong, Taiwan, and a 350-mile radius around Red Bud, Illinois.
Under the licensing model, Lloyds Engineering will make annual cash payments to The Material Works as per agreed terms and will be entitled to manufacture and sell an unlimited number of EPS Gen-4 cells by paying earn-out fees for a specified period. The US partner will also provide ongoing design improvements, technical training, marketing materials, and sales support.
The company highlighted that EPS Gen-4 technology eliminates the use of acid in steel pickling, addressing major environmental concerns related to effluent disposal. The process is described as fully recyclable with zero effluent discharge, positioning it as an environmentally sustainable alternative to conventional steel surface treatment methods.
Lloyds Engineering clarified that the transaction does not fall under related-party transactions, and neither promoters nor group companies have any interest in The Material Works.
According to the company, this agreement strengthens its engineering and technology portfolio while aligning with global sustainability and clean-manufacturing trends.
