London, 3rd April, 2014 (Press Release) “ AXIO Data Group Ltd (AXIO) announced that it has acquired FOEX Indexes Ltd (FOEX) which will sit alongside RISI in AXIO's portfolio of forest products information assets. FOEX also announced today that FOEX and RISI have entered into a long-term agreement for RISI to become the exclusive re-seller of FOEX data subscription products
As part of AXIO, FOEX will remain an independent organization providing price indices, keeping its industry-leading FOEX brand and PIX„ trademarks while gaining access to additional resources to expand. Timo Ters will remain Managing Director and all FOEX staff will remain, as will the PIX indices and methodology.
AXIO CEO, Henry Elkington, said "Over the past 15 years FOEX has developed a robust methodology for price discovery in the forest products sector. We see an opportunity to leverage our ownership of both FOEX and RISI to create stronger and more extensive price discovery for the sector which will ultimately drive market efficiency and value for all stakeholders.
FOEX Managing Director, Timo Ters, said, "We've struck a partnership that maintains our rigorous standard and adherence to methodology while gaining access to additional resources for the marketing of our subscription services from RISI. The partnership allows us to introduce additional PIX indices at a speedier time-table than alone, fulfilling an important request from the market.
Through AXIO's ownership, FOEX and RISI will work together to improve price monitoring practices across the global forest products industry. FOEX will continue to manage and administer all contracts for commercial use of PIX indices, and RISI will become the exclusive re-seller of FOEX pulp and paper data subscriptions. The FOEX wood and bioenergy products data sales will be handled by FOEX. Given how widespread price information from each organization is used in the industry, RISI and FOEX commit to make no changes to existing price series before consulting market participants and then giving sufficient advance notice of any changes
Global Head of RISI Indices, Matt Graves said "RISI is committed to providing objective, reliable, and independent prices for the global forest products sector. We look forward to working with the team at FOEX to improve the overall service we deliver to our clients."