NanoXplore, manufacturer and supplier of high-volume graphene powder for use in industrial markets, has announced that it acquired Sigma Industries in a deal that included cash and stock components. The cash component is approximately CAD$9 million (around $6.8 million USD) and the stock value is approximately CAD$9.8 million (almost $7.5 million USD).
Sigma Industries is a manufacturing company specializing in the manufacture of composite products, with two operating subsidiaries and 275 employees. It operates in the markets for heavy trucks, buses, public transit, machinery and wind energy. Sigma sells its products to original equipment manufacturers and distributors in the United States, Canada and Europe.
Soroush Nazarpour, President and CEO of NanoXplore commented: "Acquisition of Sigma will allow NanoXplore to incorporate the benefits of graphene to Sigma's existing product lines while providing Sigma with a substantial advantage over its competitors. This acquisition further strengthens our vertically-integrated business model; starting from natural flake graphite mined in Quebec to original equipment manufacturers in transportation market."
Rob Wildeboer, Executive Chairman of Martinrea International, a strategic shareholder of NanoXplore, commented: "I believe this transaction is a good opportunity for NanoXplore to develop and sell graphene enhanced products to transportation market and grow the overall commercial market for graphene."
Denis Bertrand, President and CEO of Sigma said: These are exciting times for both organizations. The acquisition by NanoXplore provides Sigma with next generation products and allows Sigma to penetrate and access existing and new markets. The expertise that NanoXplore brings in the field of innovative materials will enable Sigma to advance formulations and align process developments. I believe this partnership is the best next step in the evolution of our company as we continuously strive to provide creative solutions to each of our customers and partners."