M-Toneaddresses customer needs for black pigments with higher performance and greater functionality, that are more environmentally friendly.
PicOnyx will receive assets and services from CARBO and CARBO will become a strategic shareholder in the company. The partnership provides PicOnyx with significant manufacturing capacity, production capabilities, and resources to support its aggressive growth plans for M- Tone.
The manufacturing operation is expected to be operational in early 2019 and will be capable of supporting PicOnyx’s future production needs for the next several years.
“This partnership is a significant milestone for PicOnyx and provides a platform for delivering value to the market, our customers and shareholders,” said Dave Bening, CEO of Piconyx. “With a world-class manufacturing partner and consolidated supply chain, we can provide customers with sustainable product economics, capacity for long-term supply and confidence in our ability to consistently deliver high-quality products.”
“This partnership offers several synergistic benefits for both companies and is another step toward our goal of growing our industrial revenue streams,” CARBO CEO Gary Kolstad added.
The planned partnership is subject to the negotiation and execution of definitive documentation, which is anticipated to occur before the end of this year.