Nexam Chemical announced this morning that it has received an initial order on NEXAMITE® intended for industrial production of PET-foam. The order value amounts to SEK 200 000 and the products are expected to be delivered during the second quarter of 2016. DIAB is one of the five largest manufacturers of high-performance foam in the world.
The latest orders comes two weeks after Nexam completed a private placement of SEK 129m, which found large interest from institutional investors. Shortly after, Nexam also announced its intention to resume preparations for a re-listing to NASDAQ Stockholm (from currently First North).
Nexam Chemical and DIAB, in December 2015, signed a cooperation agreement with the aim of developing a unique high-performance foam containing NEXAMITE®-technology. The mutual ambition for the collaboration is to sign a long-term supply agreement. Nexam Chemical has now received its first order for industrial production of PET-foam.
“Our collaboration with DIAB has developed well with the outcome of receiving a first order. Even if the order value is small, it once again shows that our NEXAMITE®-technology provides major enhancements in PET-foam. This will allow for a whole new generation of PET-foam on the market. The market for PET-foams experiences strong growth since more products in new application areas are manufactured in composites instead of metal. Products with PET-foam has in many applications strong competitive advantages, not at least on the basis of weight and performance. We are now intensifying our close cooperation with DIAB”, says Nexam Chemicals CEO Anders Spetz.
DIAB is a global company that develops, manufactures and sells core materials for composite structures, including pleasure boats, blades for wine turbines and components for aircraft, trains, industrial applications and buildings. Core materials – which has a unique combination of characteristics such as low weight, high strength, insulation properties and chemical resistance – are used for constructions in several different market segments.
CEO Spetz has proven to be conservative in the past, not wanting to build too much hype without being able to deliver actual results. The recent aggressive private placement and the re-listing plans suggest that management has reason to be very confident and marks a change in how CEO Spetz acts towards the stock market. Today’s order is a nice start but it is certainly not enough to explain recent events. We believe that there is more on the pipeline for Nexam.