The seller, Burkhard Scholz, will stay on upon completion of the deal for 12 months.
Nanofilm says the acquisition is part of its broader bid to grow by capitalising on the targets' expertise and existing customer base and presence in Europe.
"The strategic acquisition not only facilitates the group’s entry into the decorative market but also complements AxynTeC Dünnschichttechnik’s coating technology and markets," says Nanofilm, referring to an earlier acquisition in Europe.
"The addition of the target companies to the group provides a strong platform to scale and extend the company’s suite of nanotechnological solutions in Europe," the company adds.
See also: LMS Compliance completes acquisition of 75% stake in Anchor Technology Holdings
As at Dec 31 2024, the target companies had a combined net asset value and book value of 949,603 euros and 950,095 euros respectively.
The combined net profit before tax in 1HFY2024 was 91,543 euros.
Nanofilm shares closed at 70 cents on Feb 11, down 2.11% in the past year.
