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Posted: Jan 25, 2011
Enso Acquires Majority of Carbodeon to Boost Nanomaterials in Finland
(Nanowerk News) Enso Holding Ltd has acquired majority of shares of Carbodeon Ltd Oy [Finland] and has made a significant equity capital injection into Carbodeon. Total extent of the agreement package is several million EUR. Primary objective of the parties is to boost nanomaterial's development and manufacturing in Finland for disruptive applications.
Carbodeon shall accelerate its business development in Carbon-based nanomaterials technology and invest in expansion of manufacturing capacity of its Nicanite® Carbon Nitride and uDiamond® nanodiamond products. Enso will also bring its own nanomaterials products and technologies into Carbodeon's portfolio. Carbodeon will strengthen its focus in disruptive nanomaterials technology with manufacturing base in Finland and global customer service.
"Partnering with Enso allows us to exploit our technology faster in the rapidly emerging nanomaterials markets", says Dr. Asko Vehanen, CEO of Carbodeon. "Our focus is selected key applications, where we expect that our partnership with Enso generates new competitive solutions through parties' unique combination of technology and skills."
Majority of Carbodeon's shareholders have sold their shares to Enso as a part of the deal structure. This includes the largest previous shareholder – Picodeon Ltd Oy. Carbodeon shall maintain and strengthen its close business relationship with Picodeon, as parties shall jointly continue to exploit Carbodeon's Nicanite® in Picodeon's Coldab® deposition technology. Asko Vehanen will maintain his role as a CEO of Carbodeon. Dr. Vesa Myllymäki, will assume Carbodeon's CTO position on full time basis.
Kevin R. Lewis, Director Enso Advisory Ltd: "We believe that Carbodeon poses a strategic fit to our strategy for creation of a world leader in Advanced Materials industry. Moreover, Finland, in our view, is a leading innovation powerhouse in Europe with a very attractive climate for innovation".
Tekes – the Finnish Funding Agency for Technology and Innovation has supported Carbodeon from its beginning to develop carbon based nanomaterials. Enso's investment is regarded as an excellent step to accelerate the development of the company.
Enso Holding Ltd focuses on Innovation & Commercialization in the area of Advanced Materials and Composites. Enso Holding uses its wholly owned subsidiary Enso Advisory Ltd to evaluate, develop and operate its portfolio as well as provide technical, market and management services to the portfolio companies. Enso Advisory Ltd identifies early stage disruptive innovative technologies and accelerates commercialization through product development, venture creation, venture investment and acquisition for evaluation by Enso Holding Ltd.
Carbodeon Ltd Oy supplies super hard materials for applications where toughness is at a premium. Our patented technologies offer superior opportunities to several fields of business. Our several different grades of Ultra-Dispersed Diamonds -– also known as nanodiamonds – each possess the desired properties fine-tuned for a growing number of dedicated applications. These grades are sold under the name uDiamond®. Similarly, our Nicanite® graphitic carbon nitride can be converted to carbon nitride film coatings with unique properties.
Source: Carbodeon (press release)
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