Pure Technologies announces major acquisition
Deal for Mississauga-based pipeline condition company worth $35 million.
Calgary-based infrastructure inspection and monitoring firm, Pure Technologies Ltd., announced it will acquire The Pressure Pipe Inspection Company Ltd. for up to $34.9 million in cash and common stock. Both companies have approved the transaction, subject to approval of the TSX Venture Exchange. The transaction is expected to close on or before August 31, 2010.
PPIC, a privately-held company with headquarters in Mississauga, Ontario, specializes in large-diameter water and wastewater pipeline condition assessment. PPIC is currently active in North America (including Mexico), South America, the Philippines and Hong Kong with $14.6 million in revenues last year.