StockMarketWire.com - Materials and textile group HeiQ said it had signed an agreement to acquire 51% of Belgium-based Chrisal N.V., an industrial biotechnology company, for €7.5 million in a cash and shares deal.

The acquisition would strengthened HeiQ's position in the global textile chemicals market.

On completion, Chrisal would be renamed HeiQ Chrisal.

'HeiQ Chrisal will be responsible for the creation, production and commercialisation of its products, with HeiQ acting as its corporate service hub and extended commercialization arm,' it added.

Under the terms of deal, €5.0 million is payable in cash and €2.5 million through the issue of 1,101,928 shares by HeiQ.





Story provided by StockMarketWire.com