In August 2013 Far-UK Ltd acquired a controlling interest in Axon Automotive Ltd. Since shortly after the creation of Far the company had started working with Axon on a number of projects and the links between the two companies had been getting stronger over this period. During the spring and early summer of 2013 it became clear that the two companies had a symbiotic relationship.
Far is focused on the development of new composite technologies and helping customers introduce those technologies into production. Axon Automotive had an excellent technology in the form of its AxontexTM product which it was working hard to get into production applications.
As a result Axon Automotive was becoming a major customer for Far and the relationship was clearly destined to get stronger. The directors of Far decided that the relationship could work even better if it were formalised and the company made an offer accordingly. In August of 2013 this offer was accepted and Far took-over the management of Axon Automotive. In essence the deal represents a “vertical integration” for Far and the companies will seek to exploit the potential benefits such a merger offers.
The company is already achieving benefits by sharing some overheads and sees the strong relationship between the two companies proving an asset to both businesses. As the two businesses have different offerings and strategic aims they will continue to be run as separate limited liability companies. This will enable them to play independently to their strengths while working together where it gives benefits for their clients.