Textile technology group HeiQ Plc expands its presence in the USA with an acquisition. On Friday, the company announced the acquisition of North Carolina-based Chem-Tex Laboratories Inc.
HeiQ ChemTex, the group’s US subsidiary, had been using Chem-Tex’s production facility under a leasing agreement since 2017 and produced specialty chemicals there. According to its own statements, HeiQ is now paying a total of 2.5 million US dollars (2.4 million euros) for the takeover. Of this, $550,000 will be settled in cash and $1.95 million in newly issued shares.
The aim of the transaction is to “strengthen the company’s footprint in the USA, a key market for HeiQ,” according to a statement. The acquisition of the factory would also “secure existing and future investments” in the location. The group said it plans to further expand the production facility in the coming years. In addition, the acquisition is expected to have a positive impact on the company’s operating margin.