HeiQ PLC (LSE:HEIQ) said it has acquired the land and property of Chem-Tex Laboratories Inc, in North Carolina, in a deal worth US$2.5mln, paid in cash and shares.
The company, in a statement, said the acquisition would strengthen its footprint in the United States which is a key market.
The HeIQ Chem-Tex subsidiary has, since 2017, leased real estate property in Concord, North Carolina, where it has developed and manufactured speciality chemicals for the functional flooring, textile, and industrial chemicals industries.
The company said that today’s deal represents a strategic decision made in order to safeguard past and future investments into its operations site. It added that it foresees further expansion of the location over the coming years, serving mainly its global textile, functional flooring and industrial chemicals business.
"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," said Mike Abbott, who recently joined HeIQ Chemtex as chief executive.