Abakan invests in US nano powder specialist Powdermet, Inc.
September 10, 2010
Abakan, Inc. headquartered in Miami, USA, recently announced that it will acquire a 41% interest in US nano-powder specialist Powdermet, Inc.
Abakan, a publicly traded company, invests in companies that have developed transformational surface modification solutions and technologies. The purchase is expected to complete at the end of this month.
Powdermet, established in 1996 and the winner of over 80 government-sponsored grant programs, is currently transitioning from an engineered nano-powder R&D lab into a commercial sector company. According to Andrew Sherman, President and CEO of Powdermet, “We have been partnering with defense agencies for the last several years building some very advanced breakthrough material technologies. Having already worked closely with the Abakan team from their investment in MesoCoat, I recognise their capability to facilitate our commercialisation strategy for Powdermet.”
According to Robert Miller, CEO of Abakan, “Powdermet has some of the most innovative products we have seen in our quest to invest in new surface modification technology companies.”