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24 Dec 2015 07:00
24 December 2015
Hydro International plc
("Hydro" or the "Group")
Acquisition
Hydro International (AIM: HYD), a leading provider of environmentally sustainable and innovative solutions to water management challenges the world over, is pleased to announce that it has acquired the intellectual property and technology assets of M2 Renewables Inc. ("M2R") from Sail Capital Partners based in Irvine, California for an initial amount of $1m in cash, plus an additional deferred consideration of 10% of sales incorporating the acquired intellectual property across the first five years. This additional consideration is capped at $10.0 million. The acquisition will be funded from existing cash and debt facilities.
M2R, established in 2003, has successfully developed the MicroScreen rotating belt screen filtration technology for applications in municipal and industrial wastewater treatment plants, securing important initial projects with major customers in the United States.
Michael Jennings, Chief Executive of Hydro International plc, commented: "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."
For further information please contact:
Hydro International | Arden Partners plc | Newgate |
Tel.+44 (0)1275 878371 | Tel. +44 (0)20 7614 5900 | Tel. +44 (0)20 7653 9850 |
Michael Jennings, CEO | Steve Douglas | Tim Thompson |
Tony Hollox, CFO | James Felix | Robyn McConnachie |
About Hydro International
Hydro International plc (AIM: HYD) (Hydro) is a global supplier of environmentally sustainable products and innovative solutions for the control and treatment of stormwater, wastewater and combined sewer overflows. Hydro's products use a range of advanced technologies including award-winning advanced vortex technology. Headquartered in Clevedon, North Somerset, Hydro also operates in the UK from offices in Ely, Cambridgeshire, as well as across the US from bases in Portland, Maine and Hillsboro, Oregon. The Group has a growing presence outside its core UK and North American markets in territories including: Ireland, the Middle East, Mexico, Brazil, Russia, the European Union, China, Malaysia, Singapore, Korea, Australia and New Zealand.
Please visit the website for further information www.hydro-int.com
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