03 JULY 2015www.ifamagazine.com
Imperial Innovations and Mercia Technologies invest in aluminium business
Edited by : AL CIRCLE
1 min read
AIM listed firms Imperial Innovations and Mercia Technologies have together provided £4m to aluminium business Impression Technologies.
The duo invested £2.5m and £1.5m respectively in the firm which makes aluminium components for the transport sector.
The investment brings Imperial Innovation’s stake to 59.9% of issued share capital, while in a statement Mercia said it would control 26% of the company when its stake through third party funds is included.
The funding would be used to acquire a press, continue development and keep up with customer demand, Impression Technologies said in a statement.
Imperial Innovations chief executive Russ Cummings said Impression Technologies was doing demonstration pressings for a number of high profile car manufacturers, and a key challenge was access to a press.
“We are therefore delighted to lead this new funding round, which will allow Impression Technologies to build a demonstrator facility that can be used to showcase its patented solution for heat treatment, forming and in die quenching technology and make initial production volumes for the motor industry,” Cummings said.
Shares in Mercia Technologies were unchanged at 0958 BST on Thursday at 56.50p.
The duo invested £2.5m and £1.5m respectively in the firm which makes aluminium components for the transport sector.
The investment brings Imperial Innovation’s stake to 59.9% of issued share capital, while in a statement Mercia said it would control 26% of the company when its stake through third party funds is included.
The funding would be used to acquire a press, continue development and keep up with customer demand, Impression Technologies said in a statement.
Imperial Innovations chief executive Russ Cummings said Impression Technologies was doing demonstration pressings for a number of high profile car manufacturers, and a key challenge was access to a press.
“We are therefore delighted to lead this new funding round, which will allow Impression Technologies to build a demonstrator facility that can be used to showcase its patented solution for heat treatment, forming and in die quenching technology and make initial production volumes for the motor industry,” Cummings said.
Shares in Mercia Technologies were unchanged at 0958 BST on Thursday at 56.50p.
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