IBC Advanced Alloys (
TSX: V.IB,
Forum) continued its market advance when the company announced today that its Engineered Materials Division had secured two new orders worth more than US$1.2 million from an existing Asian precision manufacturing customer.
According to the
news release, the company expects to begin delivery of the finished cast components in the first quarter of fiscal 2016 with a confidence that additional business will follow.
Chris Huskamp, Engineered Materials President, commented, “IBC's business development initiatives focus on expanding our high performance castings product line while improving margins and operating efficiencies. We have identified a wide range of new opportunities and are engaged with several groups.”
He continued, “While IBC is currently focusing on the aerospace sector for its Beralcast® alloys, high performance manufacturing is a growing opportunity for IBC. Robotics, precision manufacturing and automated assembly rely on highly sophisticated materials and IBC sees many opportunities for Beralcast® where precision, light weight and high modulus are essential operating requirements.”
The customer remains unnamed for competitive reasons.
Company CEO, Anthony Dutton, summed up, “IBC is building a strong reputation as a materials solutions provider and continues to build momentum with both our Copper Alloys division and our high modulus lightweight Beralcast® alloys. We are committed to supporting our customers, their commitment to manufacturing excellence and their need for advanced materials that exceed critical performance targets.”
IBC Advanced Alloys was in the news recently when
the company was named as one of the contenders for the 2015 Canadian Innovation Exchange Public Top 20.
Shares were up 3.85% on the news to $0.135 per share.
Currently there are 98.1m outstanding shares with a market cap of $13.2 million.
FULL DISCLOSURE: IBC Advanced Alloys is a Stockhouse Publishing client.