VANCOUVER — IBC Advanced Alloys Corp. announced Friday it has signed a sales and distribution agreement with "a leading German distributor" to handle its products in Germany.
No financial details of the agreement with Albromet Handelsgesellschaft mbH were disclosed.
The German concern is a distributor of specialized alloys for the plastic injection moulding, automotive, industrial components and other advanced manufacturing sectors.
"They (Albromet) have an extensive blue chip customer base in Germany which includes Bosch, Audi, Valeo, Thyssen Krupp and VW," IBC said in a news release.
"They are also in the process of expanding their market presence in eastern Europe, with a specific focus on the industrial and manufacturing economies of Poland and the Czech Republic.
Under the terms of the agreement both companies have agreed to annual target volumes and to maintain minimum inventory levels at Albromet's German warehouse to take advantage of the expanding European market for advanced non-ferrous and other alloys.
"This initial order and distribution agreement has the potential for significant development and will provide both companies with an excellent opportunity to build European market share and to drive demand for IBC's rare metal and beryllium-related alloys," said IBC president and CEO Anthony Dutton.
Vancouver-based IBC is an integrated manufacturer and distributor of beryllium-based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications.
IBC stock was up a penny, or more than eight per cent, at 13 cents at mid-morning on the TSX Venture market, with more than 800,000 shares traded.