Manufacturing Technology
Highcon and SEE announce Strategic Collaboration
By PR Newswire
$8M investment in Convertible Debt and Purchase of first Highcon Beam 2C
YAVNE, Israel and NORTHAMPTON, Mass., Dec. 6, 2022 /PRNewswire/ -- Highcon (TASE: HICN) today announced a $8M investment by Sealed Air Corporation (NYSE: SEE) in the context of a strategic collaboration between the two companies. The scope of the strategic collaboration includes the following components:
- Developing new product offerings, expansion into new segments and enabling manufacturing efficiencies by leveraging Highcon technology
- $8M investment in the form of convertible debt and 15% warrants to be converted by the 5th anniversary of the Effective Date at a price of 3.1 NIS per share.
- Additional warrants to be granted against possible future purchases up to $20 million of Highcon's products and services over a period of 3 years.
SEE, with revenues of $5.5B in 2021, is in business to protect, solve critical packaging challenges, and "make our world better than we find it." SEE has identified that Highcon's digital paperboard converting capabilities and its unequalled knowhow around laser cutting of paperboard can support and accelerate their vision and business objectives.
The strategic collaboration includes the purchasing of a Highcon Beam 2C system for delivery and installation in the first quarter of 2023. The in-house presence of the system will allow SEE to accelerate the testing of new designs and products, as well as the manufacturing and delivery of corrugated products to the company's customers.
"Over the past months, the SEE team has been really impressed with the talent at Highcon and the company's culture. Highcon's technology and capabilities represent a meaningful opportunity for SEE," said Sergio Pupkin, SVP and Chief Growth & Strategy Officer, SEE. "Highcon's sustainability value proposition aligns with and can help us advance our vision and plans. The roadmap we are developing together is exciting, and our investment in Highcon is a natural first step in this context."
"SEE is taking Highcon's technology to places that were beyond the way that we typically defined our market opportunity. Growing that opportunity, entering new application spaces, and working together with a world class partner is very exciting," said Shlomo Nimrodi, Highcon's CEO. "It's particularly gratifying to see how SEE reacted to the talent and passions of the Highcon team, and their recognition of the strategic value of our technology. I'm confident that it's just the beginning as we prove our value to SEE to enable further expansion of our relationship. I'm proud of what we've built so far at Highcon, and with this strategic partnership, we can move farther and faster. We are certainly expecting that this collaboration will have positive impact on the company's existing business."
In recent months, teams from Highcon and SEE have collaborated to explore the application of Highcon's solutions and technology to a range of different activities. "We've demonstrated that Highcon offers so much more than might at first meet the eye," added Nimrodi. "I am proud that we've been able to reach an agreement like this despite the current challenging environment."
Here's another interesting article on Top Trends 2022 – Manufacturing Technology
About Highcon
Highcon develops, markets, sells and supports a portfolio of digital cutting and creasing systems that cover a wide range of formats, substrates and applications. The Highcon technology is transforming the industry, by providing cost effective solutions to the increasing manufacturing inefficiencies facing folding carton and corrugated carton manufacturers as the result of the emerging market trends of e-commerce, shorter time to market, lower job sizes and a drive to sustainability. Such requirements cannot be accommodated by the expensive and slow conventional die-making and setup process. The Highcon digital technology bridges the gap between agile production and design flexibility delivering improved responsiveness, JIT production, short runs, customization of structure and design, and the ability to perform a wide range of applications in-house. Highcon products are installed at customer sites around the world, including some multi-national companies, effectively supporting the needs of global and local brands. Highcon is publicly traded in the Tel Aviv Stock Exchange (HICN) and its leading investors are Landa Ventures owned by Benny Landa and JVP led by Erel Margalit. For more details: www.highcon.net
Logo: https://mma.prnewswire.com/media/1962342/Highcon_Sealed_Air_Logo.jpg
SOURCE Highcon and Sealed Air Corporation
First published on Tue, Dec 6, 2022
Enjoyed what you've read so far? Great news - there's more to explore!
Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.
Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.
Dive into TechDogs' treasure trove today and Know Your World of technology!
Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. While we aim to provide valuable and helpful information, some content on TechDogs' site may not have been thoroughly reviewed for every detail or aspect. We encourage users to verify any information independently where necessary.
Trending PR Newswire
EWE NETZ Gmbh Has Chosen Overit To Innovate Its Workforce Management Processes
By PR Newswire
MY DR NOW Announces New Family Medicine Clinic Opening In Chandler
By PR Newswire
Manifest Global Launches As A Visionary Education Investment Firm With Strategic Investment In Kaaiser
By PR Newswire
Queclink Unveils WR310 Series, Redefining Industrial Connectivity With 5G And Wi-Fi 6
By PR Newswire
Tonaquint Launches New Brand, Valorc3 Data Centers
By PR Newswire
Join Our Newsletter
Get weekly news, engaging articles, and career tips-all free!
By subscribing to our newsletter, you're cool with our terms and conditions and agree to our Privacy Policy.
Join The Discussion