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Basin Water Inc. announced that it has completed the acquisition of Mobile Process Technology, Co., a provider of technology and services to the water treatment and industrial process markets. Under terms of the agreement, Basin Water has purchased the stock of MPT for approximately $11.8 million, with approximately 40% of the total paid out in Basin Water shares and the remainder in cash. MPT, with 24 employees and headquartered in Memphis, Tenn., is forecasted to have annual sales of approximately $6 million for 2007.
“Basin Water and MPT have had similar approaches to the marketplace in providing top flight technology in a services-based environment,” said Mike Stark, president and chief operating officer of Basin Water. “Their capabilities augment ours in the municipal drinking water market from both a technological and geographical standpoint. MPT also gives us instant presence in the industrial services sector, allowing us to be active right now, without years of infrastructure development and cost that we would have otherwise had to undertake.”
According to Frank Craft, former president of MPT who will now be vice president of Applied Technology at Basin Water, the new organization will allow MPT’s technology and process design strengths to flourish on a commercial scale. “The vision and management strengths of the Basin Water team are ideal complements to what is a very strong technology base coming out of MPT,” said Craft. “We’re excited at the opportunities that we will have moving forward in the marketplace.”