Nanofilm Technologies International is acquiring a German company providing coating services for 6.8 million euros ($9.93 million), to speed up its growth in Europe.
Based in Augsburg, Germany, AxynTeC is owned by Dr Bernd Schey and Dr Claus Hammerl and serves mainly consumer, industrial and medical industries.
According to Nanofilm Technologies, the acquisition can help broaden its customer base with a wider range of product offerings.
Nanofilm believes that AxynTeC’s proprietary diamond-like carbon equipment and advanced materials are complementary to its own physical vapour deposition equipment and coating portfolio.
"Coupled with available factory space for Nanofilm to deploy additional equipment, this allows for an accelerated penetration into the European market.
"Other synergies are expected to be derived as part of the group’s post-acquisition integration plans," says Nanofilm.
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As of Sept 30, AxynTeC's net tangible assets (NTA) was nearly 1.11 million euros. No profit and loss information was provided.
Nanofilm shares ended Dec 21 at 86 cents, down 7.07%.
