Ellex cashes in on medical lasers
Ellex Medical Lasers (ASX: ELX) has sold its opthalmic laser (pictured) and ultrasound businesses to London’s Lumibird Grouyp SA for $100 million. The company will return cash to shareholders and focus its business on devices to treat glaucoma and macular degeneration, both fast-growing areas. The company’s Adelaide factory has also been sold as part of the sale.
Vanadium metals advance
Would-be vanadium products group Australian Vanadium has announced a major drilling programme for its Coates vanadium resource in Western Australia. The company aims to produce value-added vanadium products for the steel, vanadium flow battery and speciality chemical sectors at a planned processing plant at Kwinana, south of Perth.
Hemp oil for pets
CannPal Animal Therapeutics (ASX:CP1) has secured an exclusive worldwide licence to commercialise CSIRO micro-encapsulation technology, MicroMAX, in the field of animal therapeutics. Company R&D proved the technology can encapsulate its hemp and cannabis oils, protecting them from oxidation.
Austal’s milestones with two new ships
Global shipbuilder Austral (ASX: ASB) achieved two milestones in December. The Perth company delivered its fifth Guardian class patrol boat to the Australian government for presentation to the Solomon Islands. Littoral Combat ship LCS 22, the future USS Kansas City, also completed acceptance trials with the US Navy. This is the eleventh Independence class LCS to reach this milestone.
Green Distillation to build recycling plant
Recycling technology group Green Distillation Technologies is to build its first vehicle tyre recycling plant in the United States. The company, which operates a recycling plant at Warren in NSW, has signed a deal to fund the plant, plus further US plants with a potential cost of $100 million. GDS is also planning a second Australian facility at Toowoomba in Queensland.
BAE Systems tops defence list
BAE Systems has emerged as Australia’s largest defence contractor in the ADM Top 40 published in Australian Defence Magazine. The company has significant manufacturing operations based in Adelaide making titanium and composite tail structures for the F-35 Lightning fighter, the Nulka hovering rocket anti-missile decoy, optical components and avionics systems. The company has also been selected to build 12 Hunter class frigates for the Navy.
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