Manchester, UK Three months of collaboration between HMG Paints of Manchester and IVC of Indiana have resulted in the companies signing a strategic alliance in a bid to claim a significant share of the UK teletronics coatings market which is said to be worth in excess of $2.5billion.
The teletronics coatings market covers a number of areas from mobile phones and computers through to traditional brown goods and also takes in sectors such as office furniture. The majority of products are coated with speciality paint as opposed to being tinted with a pigment.
IVC is a major provider of speciality coatings to the teletronics market in North America and the agreement will enable it to use the research and development expertise at HMG as well as its manufacturing facilities.
The three months prior to the formalisation of the agreement saw business double in volume and both companies believe the venture will generate a turnover in excess of £2million in its first year of operation.
Stephen Falder, marketing director of HMG Paints, said, “Most consumer electronics goods from hi fi to computers are actually coated as opposed to having the base material coloured with a pigment. Paint delivers a superior quality of finish and is far more consistent and cost effective than colouring materials.”
Ken Wright, director of IVC, said, “The skill sets of both companies are completely complementary and there is also a very strong match in terms of assets and resources. The acquisition of a company earlier this year has provided us with a viable customer base and we are already working with HMG to build this base. The purchase provided us with expertise and customers in the vacuum metalising, automotive and consumer electronics sectors as well as the ability to deliver innovative solutions for coating glass.”