Titomic to redomicile to the United States
Australian advanced manufacturing company Titomic Limited has announced it will redomicile itself and its subsidiaries (Titomic Group) from Australia to the United States under its newly-formed US corporation Titomic, Inc.
Titomic, Inc. will become the new ultimate parent company of Titomic Group and will retain Titomic’s listing on the ASX.
Titomic’s advanced manufacturing capabilities are well-aligned with the US Government’s increasing emphasis on the expeditious application of innovative and disruptive technologies to meet critical and increasing defence and aerospace as well as energy and infrastructure needs.
The company sees the change as allowing enhanced participation in the continued expansion of Titomic’s US defence business including its engagements with Tier-1 prime contractors supporting US Department of War programs, many of which will involve activities subject to US regulatory requirements including US export controls of the International Traffic in Arms Regulations (ITAR).
It will also position the Titomic Group in the larger US market to enable further growth in the defence industrial base and take advantage of US reshoring of sovereign manufacturing.
The scheme is subject to shareholder approval, Federal Court of Australia approval, and other regulatory clearances including ASIC, ASX and tax-related approvals.
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