Pure Technologies Acquires The Pressure Pipe Inspection Co.
Pipe inspection firm provides large-diameter water and wastewater pipeline condition assessment services
Pure Technologies Ltd. of Calgary, AB, Canada, has completed its acquisition of The Pressure Pipe Inspection Co. (PPIC) of Mississauga, ON, Canada for $34.9 million Canadian dollars (about $32.8 million U.S. dollars) in cash and common stock.
PPIC is a provider of large-diameter water and wastewater pipeline condition assessment services, serving customers in North America, South America, the Philippines and Hong Kong. Its recorded revenues totaled $14.6 million Canadian dollars for the fiscal year ending on Sept.30, 2009.
“This is a significant milestone for Pure and for the international water technology sector,” said Pure Technologies CEO Peter Paulson. “The combined Pure/PPIC entity will be a world leader in the field of condition assessment and asset management for water and wastewater pipelines.”