Cymat Joint Venture facility in Spain progresses towards production
Listing: TSX-V
Symbol: CYM
TORONTO, April 23, 2019 /CNW/ - Cymat Technologies Ltd. (the "Company" or "Cymat") is pleased to provide an update on the production facility under construction for its joint venture (the "Venture") with Alucoil, S. A. ("Alucoil") to manufacture a metallurgically bonded aluminum foam-based sandwich panel.
The necessary infrastructure is in place and the equipment, including the brazing furnace has been installed. When fully operational, the facility in Spain will have a targeted annual output capacity of 500,000 m2. Cymat management expects that commercial production will commence in Cymat's new fiscal year that begins in May.
Michael Liik, CEO commented "We are very excited with the progress Cymat and Alucoil have made to date. We look forward to successful completion of production trials and the commencement of market testing". These metallurgically bonded aluminum foam-based sandwich panels have been developed to supply multiple industries including transportation, construction, and elevators with a strong, lightweight and fire-resistant solution. Cymat will work closely with Alucoil to complete the testing and transition to commercial production.
A current market research report published by Grand View Research, Inc. (www.grandviewresearch.com) quantifies the size of the global aluminum composite panel market at $US 5 billion+ annually with an expected growth trajectory to $US 8 billion+ by 2025. Alucoil is a significant supplier to the industry and is confident that the design of the Venture's panels will be very well received by its customers around the world.
About Cymat:
Cymat develops innovative materials for industry. The company has worldwide rights, through patents and licenses, for producing Stabilized Aluminum Foam. The ultra-light metallic foam is manufactured by bubbling gas through molten alloyed aluminum containing a dispersion of fine ceramic particles and can be either continuously produced in flat panels or as near-net shapes. The result is a revolutionary material with a wide array of features including very low density, mechanical energy absorption, thermal and acoustic insulation, is recyclable, time and temperature insensitive and has a relatively low cost of production. Cymat is collaborating with a number of partners spanning the architectural, blast mitigation and automotive industries. For further information, visit the Web site www.cymat.com.
About Alucoil:
Alucoil is a multinational company with factories on 4 continents and sales presence across 60 countries, specialized in the manufacturing of advanced materials for building, transportation and industrial applications. ALUCOIL manufactures high quality products such as larson® composite panels, larcore® honeycomb panels, anolac® corrugated aluminum sheets, and termolac® powder coating. For further information, visit the Web site www.alucoil.com.
SOURCE Cymat Technologies Ltd.
Investors and Media: Michael Liik, CEO, Cymat Technologies Ltd, 416-704-6217, [email protected]
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