Abakan completed the purchase of a 40.97% interest in Powdermet Inc. from Kennametal. The acquisition brings substantial value to Abakan’s existing investment portfolio, which includes a direct and indirect 61.04% interest, with the contractual right to acquire up to 85.24%, of MesoCoat, Inc. MesoCoat is a subsidiary of Powdermet focused on the development of advanced coating solutions for base metals and ceramics. Powdermet is currently transitioning from an engineered nano-powder R&D lab into a commercial sector company through building new “metal formulations” as well as providing advanced “energy management” solutions over a broad range of commercial applications.
Development efforts at Powdermet are focused on four product families, each with prospective commercial applications, including: SComP (a family of syntactic metal composites known for their lightweight properties and ability to absorb 500% more impact energy when compared to current best-practice impact and ballistic materials); MComP (a family of nanocomposite metal and metal matrix composites designed to be a market replacement for beryllium, aluminum and magnesium in structural applications); EnComP (a diverse family of engineered microstructure energy-based solutions); and SynFoam (a family of structurally insulating syntactic ceramic composites combining strength, high-temperature functionality and low thermal conductivity into one multifunctional material).
Abakan Acquires Interest in Powdermet
March 29, 2011