US coatings producer Southwall Technologies Inc. announced on 27 April an initial investment in the form of a purchase of 422,119 shares of Southwall“s common stock by GMX Associates Pte Ltd. GMX is …
US coatings producer Southwall Technologies Inc. announced on 27 April an initial investment in the form of a purchase of 422,119 shares of Southwall“s common stock by GMX Associates Pte Ltd. GMX is a privately held company based in Singapore with several subsidiaries, including joint ventures with overseas companies as well as a Singapore Government investment entity. The purchase price per share was based on a 15% premium over a trailing stock price average. GMX, a Southwall customer since 1993, holds the exclusive worldwide rights to promote and sell solar control window film products based on Southwall“s patented XIR(R) coatings as well as patented ceramic QX(TM) coatings co-owned by Southwall and GMX, sold under the trademarks V-KOOL(R) and Huper Optik(R) in 22 countries. GMX maintains a distribution and franchise/dealer network with principal business locations in key geographic areas such as: Asia Pacific, Middle East, Europe and the US. “This is an important vote of confidence from a strategic customer and partner for the future of Southwall. GMX has been highly successful at marketing and distributing our XIR(R) window films,” said Thomas G. Hood, Southwall“s President and CEO.