Titomic (ASX:TTT) has acquired a modern 59,000-square-foot facility in the US defence industrial hub of Huntsville, Alabama for US$7.2 million ($10.93 million).
The additive manufacturing and cold spray technology company says the strategic investment strengthens Titomic’s position in high-performance manufacturing solutions for the aerospace and defence sectors.
The centre is expected to help drive advancements in cold spray technology, fostering research, development, production, and collaboration with key industry and defence partners.
Over the next 12 months, Titomic will focus on scaling production capabilities within the new facility.
The company will also be expanding partnerships with aerospace and defence companies, as well as strengthen workforce development initiatives in collaboration with local universities and technical institutions.
Titomic has secured a US$5.75 million 25-year financing agreement through First National Bank (Alabama), which has an initial interest rate of 6.5%.
This financing also marks the establishment of a long-term banking relationship that will support Titomic’s continued growth in the US.
Write to Adam Orlando at Mining.com.au
Images: Titomic
