- Titomic’s (TTT) US subsidiary finalises its acquisition of Silicon Valley-based Tri-D Dynamics for up to US$1.5 million (A$2.01 million) in cash and shares
- Tri-D is a US company seeking to upgrade infrastructure by embedding digitally connected technology into metal structures
- The team are set to focus on Titomic’s initiatives in the defence, aerospace as well as the oil and gas industries
- The acquisition was initially announced in by Titomic in April
- Titomic shares were up 4.65 per cent and trading at 45 cents
Titomic’s (TTT) US subsidiary has finalised its acquisition of Silicon Valley-based Tri-D Dynamics for up to US$1.5 million (A$2.01 million) in cash and shares.
TTT describes Tri-D as a design and manufacturing company developing smart pipe infrastructure, which seeks to upgrade infrastructure by embedding electronics into metal structures to outfit them with digitally connected technology.
Titomic and the three person US-based team are set to join together under the Titomic US banner after initially announcing the acquisition in April.
The team are set to focus on Titomic’s initiatives in the defence, aerospace as well as the oil and gas industries.
According to TTT, consideration for the buy comes in the form of US$1 million (A$1.3 million) in cash to external Tri-D shareholders and the issue of ordinary fully paid shares in the company equal to US$500,000 (A$669,000).
Payment of consideration to the relevant Tri-D is set to be subject to the relevant Tri-D Founder continuing employment with Titomic for three years.
Titomic Chief Executive Officer Herbert Koeck said the acquisition represented an important of part of its US strategy.
“The acquisition of the Tri-D business is an important part of our U.S. strategy into the defence and aerospace industries where there is a strong need for the cost and performance advantages which our market ready solutions with best-in-class CSAM technology provide,” he said.
Titomic shares were up 4.65 per cent and trading at 45 cents at 2:08 pm AEST.