Greycon

Greycon Ltd is an information technology firm based in London, England developing software for scheduling (production processes) and the [...] STOCK problem primarily for the paper, film and nonwovens industries. The company's solution for the [...] stock problem is responsible for savings equivalent to 0.5–1.5% of production, with important environment and financial benefits. It is used, among others, to optimise more than one third of total North American paper production and in the largest paper mill in China. Greycon tools are also used in the production of all UK banknotes.

Beginnings

Greycon is a spin-off company, founded in 1985 by Prof. Greyham Bryant, Dr. Constantine Goulimis and Mr. Alexander Dimitriadis of Imperial College to capitalise on research in production planning and scheduling for the paper industry.

Aims

Greycon develops and implements solutions that contain elements of mathematical optimisation and are used in supply chain problems in the paper, film and nonwovens industries.

Tax case

Greycon was involved in a legal challenge regarding taxation of key-man insurance policies in the UK. When Alex Dimitriadis died in April 1999, the company received the benefits of a key-man insurance policy. The Inland Revenue wanted to treat this as taxable income, but Greycon challenged this in the courts and won, thus establishing that not all key-man policy receipts are trading income, particularly where the policy is taken out for a clear capital purpose.

External links

• Decision of Special Commissioners for the key-man insurance case