23rd Aug 2024 12:45
Time To Act PLC - Middlesbrough, England-based engineering firm that operates in energy transition supply chain - On Thursday, announces plan to split its principal trading business, Diffusion Alloys, into two "distinct focus lines" of Diffusion Alloys Coating Technology and Diffusion Alloys Coating Services.
Coating Technology will focus on selling coating capability, providing its customers with "flexible capacity" for coating large or small parts alike. This will include the firm's proprietary low-cost modular coating equipment which is currently under development. The unit will also include asset-light technology licensing, coating powder sales and technical consulting revenue.
Meanwhile, Coating Services is the new name for its Middlesbrough-based plant-led coating business.
"The evolution of Diffusion Alloys from its old model of 'a coatings plant supported by a technical team' into its new model of a 'technical coatings capability supported by a plant' is an important and exciting development for the company. We believe that this will facilitate the growth in Diffusion Alloys' sustainable annual revenues through improved customer focus," says Executive Chair Chris Heminway.
Current stock price: last traded at 69.00 pence
Price change since initial public offering in May: up 40%
By Elizabeth Winter, Alliance News deputy news editor, Global services
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