3rd Mar 2021 14:22
HeiQ PLC - textiles technology firm - Signs agreement to acquire 51% of industrial biotechnology company Chrisal NV Belgium for EUR7.5 million. Notes EUR5.0 million is payable in cash and the remaining EUR2.5 million through the issue of 1.1 million shares by HeiQ. Says the acquisition is aligned with HeiQ's strategy of becoming "a global leader in materials innovation." On completion, Chrisal will be renamed HeiQ Chrisal.
"The acquisition of a majority stake in Chrisal brings multiple benefits to HeiQ and its shareholders. HeiQ Chrisal will provide us with revenue from other fast-growth markets adjacent to those we serve already, as well as exciting cross-selling opportunities for our and their existing core product range. The acquisition will progress our direct to consumer offer and enlarges our product offering to hygiene-sensitive environments, such as the healthcare sector," says Co-Founder & Chief Executive Carlo Centonze.
Current stock price: 212.10 pence, up 4.0% on Wednesday
Year-to-date change: up 18%
By Zoe Wickens; [email protected]
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