Abakan Inc. announced that it has entered into a stock purchase agreement to acquire a 41% interest in Powdermet, Inc. Powdermet, formed in 1996 and the winner of over 80 government-sponsored Phase 1, 2 and 3 grant programs, is currently transitioning from an engineered nano-powder R&D lab into a commercial sector company. Euclid, Ohio-based Powdermet has been partnering with defense agencies for the last several years building advanced material technologies.
An initial payment of $500,000 has been made with a closing for the remaining purchase price anticipated on or before Sept. 30. The acquisition is expected to bring substantial value to Abakan’s existing investment portfolio. Miami, Fla.-based Abakan is also the single largest shareholder in MesoCoat, an Ohio-based nanotechnology materials science company.