NanoXplore is pleased to announce that on September 11, 2020, through its wholly-owned affiliate RMC Advanced Technologies Inc., it acquired substantially all of the assets of Continental Structural Plastics’ operations located at 1400 Burris Road, Newton, North Carolina, including land and building, equipment and machinery, inventory and customer contracts (the “Business”), for a total purchase price of US$3,500,000, subject to inventory adjustments. The Business specializes in the production of composite components molded with dicyclopentadiene (DCPD) resin.
The Business employs nearly thirty (30) individuals and operates mainly in the markets of composite products for heavy trucks and machinery. It sells products to original equipment manufacturers (OEMs) and distributors in the United States, Canada and South America. There were no interruptions to any ongoing work or customer contracts as part of the closing of the transaction.
Soroush Nazarpour, President & CEO of NanoXplore, commented:
“This acquisition gives us a footprint in the United States and provides us with an opportunity to expand our graphene sales and marketing efforts. Potential graphene-enhanced composite products could be produced at the Newton facility for the transportation market and this facility could also house a future US-based graphene production plant.”
Rocco Marinaccio, COO of NanoXplore, commented:
“The acquisition of the facility and business in Newton will allow our Composite Business Unit to better serve its expanding group of valued customers in the United States. The location of the plant in central North Carolina is ideal due to its proximity to many of our current and future customers. This is an excellent opportunity for NanoXplore to continue serving customers with processes that have become critical for the transportation, trucking, automotive and construction industries, just to name a few.”