- Matrix Composites & Engineering (MCE) has signed an agreement with Acotec to sell its products in Australia, New Zealand and Papua New Guinea
- Acotec is a Belgian-based coatings company and Matrix will exclusively distribute its corrosion protection coating, Humidur
- In addition to this agreement, Matric has also signed a conditional agreement with Acotec’s existing local distributor, Humidur Australia, to purchase its specialised application and preparation equipment for $2.4 million
- On the market this afternoon, Matrix is up 6.25 per cent and is selling shares for 17 cents each
Matrix Composites & Engineering (MCE) has signed an agreement with Acotec to sell its products in Australia, New Zealand and Papua New Guinea.
Acotec is a Belgian-based coatings company and Matrix will exclusively distribute its Humidur Coatings products.
Humidur Coatings is a corrosion protection coating that increases the service life for installed infrastructure plant and saves time on application processes. The coatings are used for the energy, resource and defence projects.
Under the agreement, Matrix will be responsible for Actoec’s existing ongoing storage and distribution arrangements with a major Australian liquefied natural gas (LNG) facility operator.
In addition to this agreement, Matric has also signed a conditional agreement with Acotec’s existing local distributor, Humidur Australia, to purchase its specialised application and preparation equipment for $2.4 million.
The purchase is expected to be completed in early July, 2020.
Matrix CEO Aaron Begley is pleased with the strategic investment.
“This diversification opportunity aligns with the Company’s strategic initiative to broaden its advanced materials product array and support capability relevant to oil and gas production facilities, mineral resource processing plants, and defence related projects,” he said.
On the market this afternoon, Matrix is up 6.25 per cent and is selling shares for 17 cents each at 3:49 pm AEST.