Elektron sells Total Carbide
Elektron Technology has sold its subsidiary, Total Carbide, to Versarien for around £2.3 million.
Total Carbide is a manufacturer of sintered tungsten carbide, primarily machinery parts for a number of key industries. Parts are made by way of a powdered metallurgy process route combining tungsten carbide particles in a supporting matrix, offering high wear resistance with ductility, which has a significant advantage over other materials such as steel. The primary use of Total Carbide¡¯s product is in the field of oil exploration, where it is used in drilling operations. Other sectors include automotive, metrology and high volume manufacturing testing.
On completion of the disposal, Elektron will hold approximately 10.3% of Versarien's share capital.
Versarien is the manufacturer of VersarienCu, a copper open-celled metallic foam, of varying porosity and pore size, which acts as the primary heat exchange element between the heat source within a device and the heat transfer medium, such as the cooling fluid. It can be used in cooling mechanisms in servers, workstations, automotive systems and power conditioning equipment.
Versarien also has a patented process, known as lost carbonate sintering, or LCS, to develop new products from a range of different materials, including copper, steel, aluminium, titanium, zinc, nickel and their alloys.
Versarian says that it intends to use the manufacturing facilities of Total Carbide in order to move Versarien Technologies¡¯ products from pilot scale to full scale production to meet anticipated demand. The group will also continue to look closely for aligned acquisition targets in the sector of advanced materials.
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