Keronite Acquires Anomag Magnesium Business
Cambridge - 15th January 2007 - Keronite International Ltd is pleased to announce that an agreement has been reached with Magnesium Technology Licensing Ltd of New Zealand for the purchase of their Anomag technology portfolio and international licensee network. This move is expected to further accelerate Keronite's rapid expansion into the key markets of Asia and North America.
About Keronite
Keronite International Ltd was established in Cambridge, UK, in 2000 to provide technology services to industry, enabling manufacturers to reduce costs and improve performance through the wider use of aluminium and magnesium. The patented Keronite surface treatment technology known as Plasma Electrolytic Oxidation (PEO) is used to convert the surface of light metals into an extremely hard, crystalline ceramic oxide with outstanding properties in terms of resistance to corrosion and wear. A chrome-free immersion process, Keronite is used to treat the inner as well as the outer surfaces of the most complex shapes and the technology is successfully being used across a whole range of industries from automotive, aerospace and oil and gas to electronics, architecture and a variety of engineering applications. Keronite has its own manufacturing facilities for process plant and electrolyte solutions and works through a network of experienced operating partners to deliver surface treatment solutions across Europe, Asia and North America.
With an impressive new board of directors, Keronite was successful in raising over £10 million in funding last year, providing a firm foundation for the company's aggressive growth plans for the short and medium term. With increasing demand for environmentally-friendly surface treatment for light alloys, Keronite CEO, Lars Olrik, feels that the timing is perfect for the acquisition of the Anomag business. "This is a strategically significant step in the company's quest for rapid market penetration. Anomag has been extremely successful in delivering surface treatment solutions for magnesium in a number of our key markets and has built up a strong network of reputable and highly experienced operating partners. Bringing together the two businesses was a logical move for our company."
"With 100% focus on the development and promotion of its unique form of PEO technology, Keronite has always been confident of its technical advantages in terms of surface characteristics and environmental performance", reports Olrik. "But our growing customer base is very demanding. We have to be able to deliver our technology quickly and consistently on a truly global basis. Working with the licensees that Anomag has established over recent years will enable us to do this with minimum delay."
Magnesium Technology Licensing had also recognised the synergy between the two businesses. Managing Director, John MacCulloch, sees the sale of the Anomag business as an opportunity for existing licensees to build on their success to date by working in partnership with the PEO brand leader, and for his own management team to switch their focus to other equally promising business interests. "I am looking forward to working closely with Keronite to ensure a smooth handover of the business and am confident that this move will secure a brighter future for all concerned and a true win-win situation both for Keronite and for the MTL licensees who are keen to grow and expand their businesses up to the next level."
For more information about Keronite, please contact Anne Wilde at Keronite International Ltd on info@keronite.com or +44 (0)1223 89322 or see the company's website at www.keronite.com
Contact Name: Anne Wilde
Organization: Keronite International Ltd
Title: Director of Marketing
E-mail: anne.wilde@keronite.com
