Thursday 14th April 2005
Greenkote AIMs for growth
Environmentally friendly coatings business Greenkote has become the latest Israeli firm to announce plans for an AIM listing, and is now looking to raise £2 million with the aid of broker Nabarro Wells. Likely to command a valuation of £6.2 million on arrival, Greenkote operates a patented coating process, which it says can enhance the qualities of various substances. In addition to halting the corrosion of a number of alloys and metals, the company’s techniques are said to improve wear resistance and bonding properties. Unlike many of its competitors, Greenkote achieves these results without the use of heavy metal additives or toxic chemicals. Motorola and the Israeli Defence Forces are among those to have already signed up. According to chief executive Arie Laor, the company will use the money raised on flotation to fund its overseas expansion plans. The group’s hi-tech coating plant in Israel is already firmly established, yet management also hopes to open similar facilities in Europe and the US soon. Feasibility studies are currently focusing on Germany and Romania.
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