29th Apr 2021 11:20
(Alliance News) - HeiQ PLC has acquired German coating technologies firm RAS AG for EUR5.1 million, it announced on Thursday.
HeiQ, a Zurich, Switzerland-based textiles technology firm, has bought the firm for EUR1.3 million in cash and EUR3.9 million through the issue of 1.7 million new shares. The deal includes an additional earn out consideration dependent on RAS's growth for 2021, capped at EUR5 million in shares for achieving earnings before interest and tax of EUR2 million.
RAS is a materials innovation company, HeiQ said, developing and manufacturing antimicrobial, hygiene-enhancing additives and durable antimicrobial coating systems.
HeiQ Co-founder & Chief Executive Carlo Centonze said: "The acquisition of RAS adds to our technology portfolio and innovation capabilities, allowing us to push deeper into markets including durable surface protection, antimicrobials, conductive transparent materials, infrared reflective coatings, controlled release technologies and R&D innovation services.
"Gaining market share in hygiene solutions by providing antimicrobial surface hygiene technologies to the healthcare sector is one of HeiQ's key strategic goals," he added.
Shares in HeiQ were up 0.5% to 201.00 pence in London on Thursday morning.
By Will Paige; [email protected]
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