LONDON, UK: HeiQ Plc (LSE: HEIQ) introduced the acquisition of the land and property of Chem-Tex Laboratories Inc. in North Carolina, USA for a complete consideration of US$2.5 million.
US$550,000 will be paid in money and US$1.95 million in HeiQ Plc shares. The acquisition will strengthen the Company’s footprint within the USA, which is a key marketplace for HeiQ.
Since May 2017, HeiQ’s US subsidiary, HeiQ ChemTex has leased Chem-Tex’s actual property property in Concord, North Carolina to develop and manufacture specialty chemicals for the functional flooring, textile, and industrial chemicals industries. HeiQ has now made a strategic decision to imagine possession of the land and property so as to safeguard previous and future investments into its operations site. HeiQ foresees additional expansion of the location over the approaching years, serving primarily its global textile, functional flooring and industrial chemicals business.
This Acquisition is anticipated to enhance HeiQ’s working margin in 2023 and past and additionally will allow HeiQ to focus its future manufacturing investments within the USA, which have confirmed to be much less uncovered to energy price will increase and critical base chemical uncooked supplies availability challenges skilled in Europe within the recent years.
The sellers of Chem-Tex are three trusts, the beneficiaries of that are associated to a minority shareholding of HeiQ Plc.
Recently joined HeiQ Chemtex Inc. (USA) CEO, Mike Abbott (former Hanes Inc. CTO) said: “We are excited to announce the acquisition of Chem-Tex’s land and property, which is anticipated to enhance working margin for 2023 and past and additionally allow additional expansion of HeiQ’s present footprint within the USA market, that stays resilient within the present volatile macroeconomic environment.”