Canadian firms form nanomaterial subsidiary

Nov. 17, 2004 – Canadian firms Raymor Industries and PyroGenesis Inc. have created a business unit for making nano-based metallic powders and coatings designed for biomedicine, military, aerospace and mining.

The subsidiary, wholly owned by Quebec City-based Raymor, plans to produce and market the applications based on technology developed by Montreal-based PyroGenesis. Revenues from the powder and metallic coating divisions of PyroGenesis will be transferred to the new subsidiary and profits will be shared between the parent firms.

A Raymor official said in a news release that the joint venture allows the firm to add nanoscale technologies to its expertise in advanced materials and generate immediate revenues. The subsidiary inherits contracts for military, aircraft and aerospace production.

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