Kromek launches in US and MidEast

Nov 27 2008 by Iain Laing, The Journal

X-RAY technology company Kromek is about to launch its explosive detection products in the US and the Middle East.

The County Durham business is hoping for big deals from both corporate and government customers after meeting them at the launches this week in Washington DC and Dubai.

The business, which hopes to open a North East factory and increase its staff from 38 to 100 over the next year, is now valued at £46.5m, has raised £1.6m in private equity backing as well as winning a £250,000 R&D grant from regional development agency One North East.

Chief executive Arnab Basu said the deals forged following the launch of its new products are expected to take it into profit in the next financial year.

“We are showing our products to the end-users and expect to start taking orders from customers such as airports in the coming weeks,” he said. “We are in talks over some significant deals. Our technology is creating a lot of interest in the market.”

“Dubai has traditionally been an early adopter of new technology and innovation. The launches are a great chance to make a big statement. Security is a big issue and there is a very big market out there. We are expecting some big orders which will enable us to grow quite rapidly. We expect to be in a profitable position in the next year.”

The company is also expecting to start manufacturing next year of its scanning device to identify product flaws, for use by high-volume manufacturers.

Earlier this year it won a £250,000 grant from One North East to allow the company to develop a prototype advanced X-ray screening system for use in industrial inspection activities.