- Digital manufacturing company Titomic (TTT) has signed a heads of agreement to acquire design and manufacturing start-up Tri-D Dynamics
- Tri-D is a U.S.-based company developing smart pipelines for various industries
- Titomic says the buy aligns with its U.S. market strategy and will allow it to develop novel and disruptive applications
- Once acquired, Tri-D will operate as ‘Titomic USA’, with its founders joining as key employees
- The transaction is expected to be finalised by June 30
- Titomic is up 4.76 per cent with shares trading for 55 cents
Titomic (TTT) has signed a heads of agreement to acquire U.S.-based company Tri-D Dynamics.
Tri-D is a start-up design and manufacturing company, which is developing smart pipelines for various industries. Its aim is to upgrade and “electrify”Norbert Schulze infrastructure by embedding electronics directly into metal structures to connect them to digital technology.
Tri-D’s founders, Deepak Atyam, Alex Finch and Jesse Lang, are all skilled in cold-spray, composites and rocket engine design which Titomic says aligns with its ambitions.
In addition, the digital manufacturing company will benefit from Tri-D’s existing product portfolio and contracts within the clean technology, oil and gas, and surveying industries.
Once the acquisition has been completed, Tri-D will operate as Titomic’s wholly-owned subsidiary: ‘Titomic USA’, with Tri-D’s founders joining as key employees.
“We are delighted to welcome Deepak, Alex and Jesse to the Titomic team. The acquisition of the Tri-D business is an important part of our U.S. market strategy and will add Silicon-Valley innovation and dynamics to develop novel and disruptive applications in line with our growth strategy,” Titomic interim CEO Norbert Schulze said.
The acquisition is subject to due diligence and a contract being formalised which is expected to occur by June 30 2021.
No details have been released regarding the acquisition price.
Titomic is up 4.76 per cent with shares trading for 55 cents at 11:13 am AEST.