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Porvair acquires US filter maker from CECO Environmental
Filtration and environmental technologies specialist Porvair acquired Keystone Filter, a division of CECO Environmental, on Thursday for an undisclosed amount.
Porvair purchased the goodwill, business and trading assets of Keystone, designs and manufactures a range of filter cartridges and housings for the food and beverage, drinking water, and chemical process markets in the US, for a yet-to-be-revealed cash settlement.
As part of the acquisition, Porvair entered into a transition services agreement with CECO to transfer Keystone's business to its plant in Ashland, Virginia, in the coming months in order to fully integrate it into its aerospace and industrial division.
Keystone reported revenues of approximately $4.0m in its trading year ended 31 December 2017 and was expected to be earnings accretive once the transfer is completed.
Ben Stocks, Porvair's chief executive, said, "The acquisition of Keystone increases the Aerospace & Industrial division's presence in the US, broadening its markets and providing a range of cross-selling opportunities. Keystone brings sales expertise, distribution and a broad customer base for whom Porvair's wider product range will be attractive."
As of 1000 GMT, shares were untraded on 495.00p.