IBC Advanced Alloys (CVE:IB) rose to the highest in five months after the advanced alloys and precision castings company said its copper alloys division won received a $1.3 million order from a new multinational manufacturing customer based in Asia.
Shares gained 17 percent to C$0.135 at 2:20 p.m. in Toronto after touching C$0.14, the highest intraday price since December 11.
Delivery of the finished products is expected to begin in the first quarter of fiscal 2016, the Vancouver, British Columbia-based company said in a statement today.
IBC is expanding its business development initiatives to meet the growing global demand for specialty high performance copper alloy products.
IBC said today that it will continue to leverage its expertise in Asian markets.
IBC's new customer has contracted for specialized engineered copper alloy products to improve their production line efficiency, operating margins and yields.
The customer identity has not been disclosed for competitive reasons, IBC said.
"IBC's business development initiatives focus on improving margins and expanding our product line with semi-finished products,” IBC Copper Alloys' President Mark Wolma said in the statement.
“While Copper Alloys has accounts generating similar annual revenues, this $1.3 million single order is an important validation of our expanded business strategy. This order also supports," Wolma added.
"Copper Alloys' focus on value-added, higher-margin growth opportunities where we have a sustainable competitive advantage."
IBC Copper Alloys operates plants in Royersford, Pennsylvania, New Madrid, Missouri and Franklin, Indiana, which is the hub for IBC's Copper Alloys operations.
IBC Copper Alloys manufactures and distributes high-performance copper alloys such as castings and forgings serving domestic and international customers in the plastic injection mold, automotive, oil and gas and advanced manufacturing industries.
The division's core alloys include beryllium copper, chrome copper and aluminum bronze in plate, block, bar and rings. IBC is growing its business with additional focus on value-add semi-finished products, which significantly improve quality control and lead times for customers while improving IBC's margins and profitability.
"IBC is building a strong reputation as a materials solutions provider and continues to build momentum with both our Copper Alloys division and our Beralcast alloys produced at our Engineered Materials facility in Wilmington, MA,” Anthony Dutton, CEO of IBC Advanced Alloys said.
“We are focused on supporting our customers and their commitment to manufacturing excellence."