Haydale (LON:HAYD), the global nanomaterials group, has told DirectorsTalk that the Group has completed the acquisition of the minority equity interest not previously owned by it, in the Group’s US subsidiary, Haydale Technologies Inc. (‘HTI’), from InVentures Group, Inc. for a cash sum of US$513,500. The Consideration has been settled from the Group’s existing cash resources.
The Consideration for the remaining 13.5% interest in HTI was determined by an independent valuation conducted on HTI, which included the nanomaterials business, Advanced Composite Materials, acquired by Haydale in October 2016. Following this purchase of HTI ordinary shares, Haydale now owns the entire issued share capital of HTI.
Ray Gibbs, CEO of Haydale, said: “We are pleased to have obtained 100% ownership of our US operations. HTI is already making a meaningful contribution to the Group’s performance and we believe there is significant further sales potential for our high quality silicon carbide fibres and whiskers. As a result of leveraging Haydale’s global reach, opportunities are being opened up in new markets for existing applications of HTI’s advanced materials. In addition, we are developing new applications in areas including 3D printing of metal matrix composite parts as well combining our silicon carbide fibres with functionalised graphene for high performance coatings. “
