15th Jun 2021 14:09
HeiQ PLC - London-based textiles technology firm - Acquires materials technology firm Life Material Technologies Ltd for an upfront consideration of USD6.5 million. This will comprise USD2.6 million in cash and USD3.9 million through the issue of new shares. Additional earn-out payments of up to USD2.8 million may be payable equally in cash and through the issue of shares in 2022, based on LIFE's financial performance during 2021.
"Our strategy to become a global leader in materials innovation and to grow our healthcare surface hygiene proposition is rapidly gaining momentum, buoyed by this exciting acquisition. We are delighted to gain exposure to LIFE's technology platform of complementary, strongly bio-based and highly effective antimicrobial technologies," says HeiQ Co-founder and Chief Executive Carlo Centonze.
LIFE uses antimicrobial technologies in its materials products to prevent bacteria, fungi and other micro-organisms. It has operations in Hong Kong, Thailand and Brazil and last year posted revenue of USD3.6 million.
Current stock price: 188.00 pence, up 1.1% Tuesday afternoon
Year-to-date change: up 3.1%
By Will Paige; [email protected]
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