Plexus Holdings acquires 49% stake in Kincardine Manufacturing Services
Source - SMW
Plexus Holdings said it had acquired a 49% interest in specialist engineer for the oil and gas sector Kincardine Manufacturing Services for £735k.
Kincardine would provide Plexus with future access to machining capability, which would support R&D development projects to provide potential licensees with alternative applications.
'As a highly experienced engineering company based in Aberdeenshire with a blue-chip customer base, Kincardine shares many similarities with Plexus,' chief executive Kincardine said.
'We already have first rate IP in the form of our Pos-Grip technology, and now thanks to today's transaction, we are further able to support our programme to expand the application of our proprietary technology throughout the oil and gas supply chain and beyond into areas such as geothermal and decommissioning.'
At 8:18am: (LON:POS) Plexus Holding PLC share price was 0p at 48.5p