Business
Acquisition and Operations Up
Acquisition and Operations Up.
About this update from Iofina Plc
[{"type":"text","content":"\n RNS Number : 2916W Iofina PLC 27 July 2009 \n \n\n27 July 2009\nIofina plc\n ('Iofina' or 'the Company')\n\nAcquisition of Iodine Derivatives Company H&S Chemical \nand Iodine Production Operations Update\n\nThe directors of Iofina are pleased to announce the acquisition of H&S Chemical Company ('H&S Chemical') together with an update on iodine production operations. The acquisition, which follows the Company's successful placing in February 2009, gives the Group a strategic platform with complete vertical integration into iodine derivatives and a particular strength in the higher margin organic iodine derivatives markets. \nHighlights of H&S acquisition\n\n\nPurchase price of $8.5 million comprising $7.5 million in cash and 736,314 new ordinary shares in the Company\n\n\nManufacturer and patent holder of unique manufacturing process of specialty chemicals principally using iodine for: \n\n\n3-Iodo-2-propynl butyl carbamate (IPBC) which is used in cosmetics, paints and coatings. \n\n\nMethyl Iodide (CH3I), the new U.S. EPA (Environmental Protection Agency) approved soil fumigant which is replacing the use of Methyl Bromide (CH3Br) in order to reduce global ozone depletion as mandated by countries adhering to the Montreal Convention. Methyl Iodide is used for high value crops such as strawberries, tomatoes and peppers. Before the mandated ban of Methyl Bromide began, 38 million pounds of active ingredient (A.I.) was used for high value cash crops per annum.\n\n\nA world leader in high end specialty gases (C4F6 and Methyl Fluoride) used in the etching production process of high end micro chips by leading computer and chip companies. \n\n\nHolder of multiple patents and pending patent applications and US EPA registrations. \n\n\n\n\nProvides Iofina with a strong strategic platform to produce and sell iodine derivatives utilizing its own and third party iodine production for complete vertical integration. \n\n\n...