Visitors Now:
Total Visits:
Total Stories:
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Haydale Graphene plants flag in US with ACMC buy

Friday, September 23, 2016 9:07
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Haydale Graphene Industries (LON:HAYD) has made a strategic move into the US market through the acquisition of ACMC for up to US$7mln.

Based in South Carolina, ACMC specialises in the manufacture of high purity silicon carbide (SiC) whiskers, which are used to reinforce and toughen ceramics and polymers.

The deal immediately gives Haydale an established route to offer its graphene use know-how to companies and organisations across the US said Ray Gibbs, Haydale’s chief executive. It was the final piece in its geographic expansion he added. 

Haydale is already working with one customer of ACMC on a cookware coating, while talks are underway with two parties over the acquisition of a Haydale plasma reactor.

To fund the deal Haydale will raise £2.1mln through a placing and subscription at 160p per share and up to a further £500,000 via an open offer.

Haydale will pay US$5mln of the possible total consideration upfront, with the remainder dependent on ACMC’s performance.

Gibbs added: “We believe that the potential to grow ACM, not only in North America, but across our other territories is huge and we see significant cross-selling opportunities.

“ACM’s facility will allow us to expand to introduce our graphene capabilities and products into the US.”

He added the bussiness already generated sales of US$3.8-4mln, had an order book of US$4.5mln and 15 customers.

ACMC is the second significant overseas expansion undertaken by Haydale recently. In June it acquired Thailand–based ink and composites group Innophene.

Results for the year to June showed revenues climbing sharply to £1.92mln (£1.48mln) but heavier losses of £4mln (£3mln) as expenditure on R&D and in its new technology increased.

“”The year has been a transitional one moving the business from an R&D focussed operation into a sales and marketing organisation delivering sales of graphene enhanced products,” said Gibbs.

“The current financial year is entirely focussed on accelerating conversion of our extensive research and product development into a sales pipeline with commercial revenues of graphene enhanced products.”

Shares closed 1% lower at 182p.

Story by ProactiveInvestors

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.