Applied UV (NASDAQ:AUVI) stock is on the rise Friday after announcing a strategic partnership with Canon subsidiary Canon Virginia.
This strategic partnership covers manufacturing and supply chains on a global scale. That will see Canon Virginia act as the primary manufacturer of Applied UV’s collection of air purification devices.
Applied UV notes the collaboration will allow it to rely on Canon Virginia’s 40 years of experience in the manufacturing industry. It also gains access to the company’s two million-square-foot engineering, manufacturing and distribution facility.
Max Munn, President and Director of Applied UV, said the following about the agreement.
“In anticipation of the expanded use globally of our Airocide and Scientific Air fixed and mobile air purification solutions, this strategic relationship is one which I value more than most. 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.”
AUVI Stockholders React to the News
With today’s announcement, AUVI stock is seeing incredibly heavy trading. As of this writing, more than 19 million shares of the stock have changed hands. That’s a massive surge in trading volume compared to its daily average of only about 42,000 shares.
AUVI stock is up 23.8% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
