HeiQ PLC on Friday said it bought Chem-Tex Laboratories Inc, which has been leasing its property in North Carolina to HeiQ’s US subsidiary, for $2.5 million from three trusts.

HeiQ, a London and Zurich-based materials and textile technology company, said it will issue 2.2 million new shares to sellers of Chem-Tex at £0.744 per share. It expects the new shares to be admitted next week Thursday.

HeiQ shares fell 3.7% to 71.30 pence each in London on Friday.

HeiQ’s US subsidiary HeiQ ChemTex had been leasing Chem-Tex’s property since 2017, which HeiQ has been using ‘to develop and manufacture specialty chemicals for the functional flooring, textile, and industrial chemicals industries.’

The company said the acquisition will help it focus its future manufacturing investments in the US, which it said have ‘proven’ to be less exposed to energy price rises than Europe.

It expects the acquisition to improve its operating margin in 2023 and beyond.

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