10th Nov 2014 09:24
LONDON (Alliance News) - Versarien PLC Monday said it has agreed terms on forming a joint venture with Israel-based tungsten carbide tool manufacturer Dimar Ltd, that will distribute a new range of tooling for the composites industry.
The joint venture will be called DV Composites Ltd, and will leverage Versarien's existing sales channels into the automotive, aerospace and marine sectors. Dimar also currently sells a range of high performance tooling to a number of global organisations in these sectors.
The venture will be based and operate out of Versarien's headquarters in Mitcheldean and will distribute the new products, alongside its development products for the composite industry, enabling further traction.
"This joint venture has provided the group with a fantastic opportunity to combine several of our key technologies with those of Dimar, for the fast growing composites industry," Versarien Chief Executive Neill Ricketts said in a statement.
"It also provides the group with an excellent entry point into the Israeli composite industry through our close collaboration with Dimar," he added.
Versarien shares were up 1.1% at 26.80 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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