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.”
Source: Environmental Business Journal