Note 18 - Subsequent Events

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Subsequent Events [Text Block]

18. SUBSEQUENT EVENTS

Effective January 2, 2024, the Company acquired substantially all of the assets of Heany Industries Inc. (“Heany”) under an asset purchase agreement in exchange for $7 million in cash, subject to customary post-closing adjustments. Heany offers materials engineering solutions for a variety of aerospace, industrial and bio-medical applications. Heany’s engineered coatings provide a protective shield for aircraft engine components, locomotive parts, dental implants, and other applications where increasing longevity and reducing downtime is critical. The asset purchase agreement contains customary indemnification obligations of each party with respect to breaches of their respective representations, warranties and covenants, and certain other specified matters, which are subject to certain exceptions, terms and limitations. The asset purchase agreement contains certain customary post-closing covenants of the parties.