Bodycote announced a number of strategic steps to enhance and drive further growth in its Specialist Technologies business, through the expansion of the Group’s Hot Isostatic Pressing (HIP) footprint and scale in the US.
Bodycote agreed to acquire two specialist technology focussed businesses: (i) Lake City HT based in Warsaw, Indiana; and (ii) Stack Metallurgical Group based in the Pacific Northwest of the US.
The businesses delivered strong growth in H1 2023, with revenues rising by 29%. A broadly similar rate of growth is expected for H2 2023, with FY 2023 forecast revenues expected to be around USD 45m. This growth reflects the ongoing recovery in the Civil Aerospace market, strong growth in the Medical market and new customer wins, which provide a solid foundation for the future.
In addition, Bodycote recently announced plans to open a new HIP plant in Los Angeles. This capacity will become operational during 2024 and will support the rapid growth in the Space and Civil Aviation markets in the Los Angeles area.
