Rapid welding equipment manufacturer K-Tig is back in business having escaped administration through a downsizing and refinancing operation. Administrators KordaMentha announced that creditors had approved a rescue package that will result in the company returning to normal operations recapitalised, and with a smaller cost base. Under a Deed of Company Arrangement, K-Tig management has been…
What were the five biggest stories of the week? Here’s what visitors to this site were reading. 5) Gilmour Space raises $55m, Eris rocket heads for space The historic launch of an Australian developed and manufactured rocket is closer with Gold Coast-based Gilmour Space Technologies closing a $55 million Series D capital raise ahead of…
Automated welding manufacturer K-TIG has gone into administration, with Korda Mentha appointed as administrators. No reason was given for the move. Administrators have been appointed to K-TIG as well as a subsidiary Keyhole TIG Pty Ltd. The appointment does not extend to Keyhole TIG (USA) Inc. and Keyhole TIG (UK) Ltd which are continuing to…
Automated welding company K-TIG has announced that an acquisition of UK’s Graham Engineering Limited (GEL) will not go ahead, blaming a challenging environment and GEL’s trading performance. In a short statement on Friday morning, the company confirmed that the planned acquisition – first shared by company in January last year, and aimed at gaining K-TIG…
Rapid welding technology manufacturer K-TIG has failed to meet its planned transaction date for the purchase of UK advanced manufacturer Graham Engineering Limited (GEL). The company’s share purchase agreement (SPA) to acquire the business as an entrée to the UK nuclear decontamination field reached its sunset date of 31 August with a number of conditions…
Rapid welding technology manufacturer K-TIG has cut the amount of cash it is seeking from investors to fund the purchase of UK advanced manufacturer Graham Engineering Limited (GEL). The acquisition marks the company’s entry into the United Kingdom nuclear decommissioning sector, with K-TIG vying for contracts to manufacture containers to house nuclear wastes. The company…
Rapid welding technology manufacturer K-TIG’s welding processes have been selected as a potential alternative to conventional gas tungsten arc welding (GTAW) of pipe joints for the US nuclear submarine construction programme. K-TIG’s Keyhole TIG / GTAW welding technology, originally developed by CSIRO, has been selected for trials by the US’s prime contractor and lead design…
