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Advanced Innergy Holdings Unit Completes Matrix Composites & Engineering Acquisition; Shares Fall 6%

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Advanced Innergy Holdings (ASX:AIH) unit Advanced Innergy Solutions Australia completed its acquisition of Matrix Composites & Engineering (ASX:MCE) on Thursday, according to a same-day filing with the Australian bourse.

The companies plan to leverage their complementary materials science capabilities and manufacturing networks to drive growth across deep-water oil and gas developments and emerging offshore markets, per the filing.

Advanced Innergy Holdings CEO Andrew Bennion said the acquisition will support the company's long-term earnings profile through operational efficiencies and access to larger project opportunities.

Its shares fell 6% in recent Thursday trade.

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