NaturalNano Buys General Super Plating
28. February 2014
NaturalNano, Inc has reached an agreement to acquire 100 percent ownership of Syracuse based General Super Plating LLC , the owner and operator that provides chrome plating services for products used in the automobile and household appliance industries. NNAN made the acquisition for common shares. The acquisition is expected to close in the near future.
"This acquisition is important to NNAN and its shareholders for two reasons,” Jim Wemett, NNAN CEO said. “First, it brings into NNAN a business with a very attractive and loyal customer base with the opportunity to grow the base plating business significantly. Second, it enables NNAN to work with the GSP business to identify opportunities to expand our proprietary halloysite nanotubes applications. It provides our shareholders with real value by acquiring this established well-respected business for 60 million NNAN common shares."
J.T. Jacus, CEO of MJ Enterprises LLC, owner of GSP said, "We are excited to become a part of the NNAN team. This allows us to grow the GSP business in a fundamental way. It enables us to complete our plans to make further improvements to our manufacturing plant to increase capacity to take advantage of the growth of our customer base and add products to increase our annual sales above the $12 million sales level that was achieved in 2013."
General Super Plating specializes in high quality plating on plastics. GSP plates parts for world-famous brand names in the appliance, automotive, electrical, electronics, marine, medical, military, personal care, and plumbing industries.
NaturalNano, Inc, located in Rochester, New York, is engaged in the development and commercialization of material additives based on proprietary nanomaterial technology utilizing Halloysite Nanotubes (HNTs). The company provides industry with additives designed to improve the processing characteristics and mechanical properties of engineering thermoplastics, and additives designed to optimize the release of active agents such as vitamins and fragrance in cosmetic products.
NaturalNano holds patents relating to the commercial use of HNTs in composite materials as well as specialized techniques used in the refinement and processing of HNTs and intermediaries that it ships to customers worldwide. HNT materials used as a surface treatment have also shown promise in medical research devoted to stem cell collection and in trapping circulating cancer cells. The company is also exploring surface treatments relating to improved adhesion of protective coatings for polymer components used in numerous commercial applications.