24th Dec 2015 07:36
LONDON (Alliance News) - Water management company Hydro International PLC on Thursday said it has acquired the intellectual property and assets of California-based M2 Renewables Inc for an initial USD1.0 million in cash.
Hydro will acquire M2 from Sail Capital Partners and the consideration for the deal could rise to USD10.0 million through deferred payments based on M2 sales over the first five years of ownership.
M2 has developed the MicroScreen rotating belt screen filtration technology, used in municipal and industrial wastewater treatment plants.
"The acquisition of M2R's MicroScreen broadens our business and fits perfectly with our growth strategy. The product sits neatly within our core range, strengthening further the treatment options available to customers across our screening to separation to filtration platforms," said Hydro Chief Executive Michael Jennings.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
HYD.L