HeiQ PLC Acquisition of Chem-Tex Laboratories, Inc (3428I)
02 December 2022 - 6:00PM
UK Regulatory
TIDMHEIQ
RNS Number : 3428I
HeiQ PLC
02 December 2022
2 December 2022
HeiQ Plc
("HeiQ" or "the Company")
Acquisition of Chem-Tex Laboratories, Inc
HeiQ Plc (LSE: HEIQ), an established global brand in materials
and textile innovation which operates in high-growth markets, is
pleased to announce the acquisition of the land and property of
Chem-Tex Laboratories, Inc. ("Chem-Tex") in North Carolina, USA
("the Acquisition") for a total consideration of US$2.5 million.
US$550,000 will be paid in cash and US$1.95 million in HeiQ Plc
shares. The Acquisition will strengthen the Company's footprint in
the USA, which is a key market for HeiQ .
Since May 2017, HeiQ's US subsidiary, HeiQ ChemTex has leased
Chem-Tex's real estate property in Concord, North Carolina to
develop and manufacture specialty chemicals for the functional
flooring, textile, and industrial chemicals industries. HeiQ has
now made a strategic decision to assume ownership of the land and
property in order to safeguard past and future investments into its
operations site. HeiQ foresees further expansion of the location
over the coming years, serving mainly its global textile,
functional flooring and industrial chemicals business.
This Acquisition is expected to improve HeiQ's operating margin
in 2023 and beyond and will also enable HeiQ to focus its future
manufacturing investments in the USA, which have proven to be less
exposed to energy price increases and critical base chemical raw
materials availability challenges experienced in Europe in the
recent years.
The sellers of Chem-Tex are three trusts, the beneficiaries of
which are related to a minority shareholding of HeiQ Plc.
Recently joined HeiQ Chemtex Inc. (USA) CEO, Mike Abbott (former
Hanes Inc. CTO) said:
" We are excited to announce the acquisition of Chem-Tex's land
and property, which is expected to improve operating margin for
2023 and beyond and also enable further expansion of HeiQ's current
footprint in the USA market, that remains resilient in the current
volatile macroeconomic environment."
Issue of Equity and Total Voting Rights
The Company will issue 2,176,884 new ordinary shares
("Consideration Shares") to the sellers of Chem-Tex , at a price of
GBP 0.744 per share, which is the average 5 day closing price prior
to signing in order to part satisfy the consideration due.
Applications will be made for the Consideration Shares to be
admitted to the standard segment of the Official List, and to
trading on the London Stock Exchange's Main Market
("Admission").
It is expected that Admission will become effective, and that
dealings in the new Ordinary Shares are expected to commence, at
08.00 a .m. on 8 December 202 2 .
Following Admission, the total number of Ordinary Shares in
issue will be 136,734,308 and the total number of voting rights
will therefore be 136,734,308 . This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information.
For further information, please contact:
HeiQ Plc
Carlo Centonze (CEO) +41 56 250 68 50
Cenkos Securities plc (Joint Broker) +44 (0) 207 397
Stephen Keys / Callum Davidson 8900
------------------
SEC Newgate (Media Enquiries) +44 (0) 20 3757
Elisabeth Cowell / Axaule Shukanayeva 6882
/ Molly Gretton HeiQ@s ecnewgate
.co.uk
------------------
About HeiQ
HeiQ is focused on improving the lives of billions of people
world-wide by innovating the materials people use every day. HeiQ
has strong IP which is at the forefront of global technology in the
$10 billion antimicrobial fabrics market, $24 billion textile
chemicals market, the $50 billion probiotics market and the $150
billion man-made fibers market. It has also moved into the medical
device, healthcare and hygiene coatings markets, to help make
hospitals and healthcare environments more hygienic. HeiQ aims to
deliver growth for its shareholders through a combination of
increased sales of its core products and by entering additional
lucrative markets through disruptive innovations and M&A.
HeiQ has created some of the most effective, durable and
high-performance technologies in the market today, which cool,
warm, dry, repel, purify, and destroy viruses. Since 2005, HeiQ has
developed over 200 technologies in partnership with 300 major
brands and it has a significant R&D pipeline containing over 50
projects. The Company has won multiple awards and gained a strong
reputation for the ESG & sustainable downstream effect of its
innovations. HeiQ is the only company to have won the Swiss
Technology award twice. It has also won the Swiss Environmental
award with an innovation that saves energy and water consumption
during the textile manufacturing process.
Led by an experienced leadership team, HeiQ researches new
solutions for partners, delivers scaled up manufacturing from its
sites across the world and helps partners market the product to end
consumers - aiming for lab to consumer in months.
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