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XTEK completes acquisition of body armour and personal protective equipment provider HighCom

The company provides high-quality products to deliver tailored solutions to the government, law enforcement, military, space and commercial sectors.

Xtek Ltd - XTEK Ltd completes US HighCom acquisition
The company now has a clear path to execute its strategy and expand into the US

XTEK Ltd (ASX:XTE) has completed the acquisition of HighCom Armour Solutions Inc, a successful and profitable provider of body armour and personal protective equipment focused on the US market.

The transaction was initially announced on July 17, 2019, and was completed as planned after the necessary regulatory and HighCom shareholder approvals were granted.

XTEK has now issued 4 million fully paid ordinary shares to HighCom.

“Look forward” to next stage of growth

Managing director Philippe Odouard said: “We look forward to our next stage of growth as we expand our business into the lucrative US market following the completion of the HighCom acquisition.

“We have acquired a profitable business with highly complementary products and a strategic network in place.

“This great accelerates our ballistic solutions strategy and provides us with a high-quality distribution network which we can leverage to provide a full range of products.”

XTEK shares have been up almost 5% to an intra-day high of 79 cents, a new 12-month high.

Quick facts: XTEK Ltd

Price: 0.73 AUD

ASX:XTE
Market: ASX
Market Cap: $38.5 m
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