Versarien has agreed terms to form a 50:50 joint venture with Dimar to distribute a new range of tooling for the composites industry.
The new venture, DV Composites, is expected to leverage Versarien’s existing sales channels into the automotive, aerospace and marine sectors. Dimar currently sells a range of high performance tooling to a number of global organisations in these sectors. DV Composites will be based and operate out of Versarien’s headquarters in Mitcheldean, UK, and will distribute these new products, alongside its development products for the composite industry, enabling further traction.
Neill Ricketts, Chief Executive Officer of Versarien, commented: “This joint venture has provided the Group with a fantastic opportunity to combine several of our key technologies with those of Dimar, for the fast growing composites industry.
“Given the breadth of Versarien, we will be able to draw upon our significant expertise in graphene, tungsten carbide incorporating VersarienCu from an InnovateUK grant and this coupled with Dimar’s extensive customer base and experience in the market, creates a robust platform for the launch of DV Composites. It also provides the Group with an excellent entry point into the Israeli composite industry through our close collaboration with Dimar.”
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