Haydale Graphene buys 100pc of US subsidiary

Global nanomaterials group Haydale Graphene announced on Monday that it completed the acquisition of the minority equity interest it did not previously own in its US subsidiary Haydale Technologies.

The AIM-traded company said it acquired the stake from InVentures Group for a cash sum of $513,500, which had been settled from the group's existing cash resources.

It said the consideration for the remaining 13.5% interest in HTI was determined by an independent valuation conducted on HTI, which included the nanomaterials business, Advanced Composite Materials, acquired by Haydale in October 2016.

Following the purchase of HTI ordinary shares, Haydale now owned the entire issued share capital of the subsidiary.

“We are pleased to have obtained 100% ownership of our US operations,” said Haydale CEO Ray Gibbs.

“HTI is already making a meaningful contribution to the group's performance and we believe there is significant further sales potential for our high quality silicon carbide fibres and whiskers.”

As a result of leveraging Haydale's global reach, Gibbs said opportunities were being opened up in new markets for existing applications of HTI's advanced materials.

“In addition, we are developing new applications in areas including 3D printing of metal matrix composite parts as well combining our silicon carbide fibres with functionalised graphene for high performance coatings.”