Applied UV Gains After Manufacturing Agreement With Canon

• Applied UV Inc (NASDAQ: AUVI), a pathogen elimination technology company, has signed a strategic manufacturing and related services agreement with Canon Virginia Inc (CVI), a wholly-owned subsidiary of Canon Inc‘s (NYSE: CAJ) Canon U.S.A, Inc.

• The financial terms of the arrangement, which marks the first of a series of anticipated agreements, were not disclosed.

• The agreement establishes CVI’s status as the primary manufacturer, assembler, and logistical authority for Applied UV’s suite of air purification solutions.

• The manufacturing agreement will enable the company to leverage the resources of CVI’s two million-square-foot state-of-the-art engineering, manufacturing and distribution facility.

• “Over the past three years, supply chain and logistics disruptions have impacted operations for companies globally, so consolidating and bringing our manufacturing processes on shore with one company was a top priority,” said Max Munn, President & Director of Applied UV.

• “By reducing manufacturing execution risk, we will be able to focus solely on sales and marketing,” Munn added.

• Applied UV also plans to collaborate with Canon Financial Services Inc to enable better cash flow management regarding its growing supply chain requirements.

• Price Action: AUVI shares are trading higher by 18.74% at $1.1399 on the last check Friday.

See more from Benzinga

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.