Greycon

Infobox Company
company_name = Greycon Ltd
company_
company_type = Private
foundation = 1985
location = London, England
key_people = Constantine Goulimis, CEO
industry = Information Technology
products = X-Trim,
S-Plan,
D-Opt
num_employees = 68 (2007)
homepage = http://www.greycon.com

Greycon Ltd is an information technology firm based in London, England developing software for scheduling (production processes) and the cutting stock problem primarily for the paper, film and nonwovens industries. The company's solution for the cutting 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.

In April 2008, Greycon introduced a new product for block scheduling and production cycle optimisation called D-Opt. D-Opt has been selected as a finalist for the Innovations award by SoftwareCEO in the Vertical Industry category.

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

* [http://www.taxbar.com/documents/greycon_vat_000.pdf Decision of Special Commissioners for the key-man insurance case]
* [http://www.softwareceo.com/awards/innovation_finalists_2008.php SoftwareCEO Finalists 2008]