ITT acquires Axtone, expands position in profitable aftermarket
ITT Inc. completed its previously announced acquisition of Axtone. The purchase compliments ITT’s legacy KONI brand as Axtone produces energy absorption solutions such as springs, buffers and coupler components that are critical safety technologies. The addition of Axtone will expand ITT’s position across the transportation industry – including railway, aerospace and automotive – and further position the company’s Motion Technologies business. A cash consideration of about $118 million is expected of the purchase, which will come primarily from ITT’s foreign cash. The final purchase price is subject to a customary net working capital adjustment. Closing is expected in Q1 of 2017 and is still subject to approvals.
ACV Enviro acquire Walker Industrial Services
ACV Enriro, a portfolio company of Kinderhook Industries LLC acquired Walker Industrial Services Inc. a longtime provider of industrial services in the Northeast. As part of the acquisition, Walker’s Skowhegan location will operate as an ACV Enviro Service Center, broadening ACV Enviro’s current Maine market share. ACV Enviro intends to integrate the operations of Walker into its Northeast Region which includes existing operations in Massachusetts and Maine.
Aquarius Technologies formed to meet growing water needs
Aquarius Technologies Inc. was purchased by Aquarius Technologies LLC, a newly formed company launched by its president and CEO, Deborah LaVelle, to meet growing need for water and wastewater treatment solutions around the world. The new company will focus on the growth and development of its MultiStage Fixed Biofilm treatment system, as well as continuing sales of its U.S.-manufactured diffused aeration systems. The company plans to expand its presence into industrial wastewater treatment solutions and will expand its sales internationally through cooperative partnerships.
ICP Group acquires MinusNine Technologies
Innovative Chemical Products (ICP Group) announced the acquisition of MinusNine Technologies, a leading formulator and manufacturer of UV/EB coatings, adhesives, primers and specialty products for graphic arts and industrial applications, according to a press release. MinusNine, headquartered in Birdsboro, Pennsylvania, will be integrated into ICP Industrial Inc., one of the three divisions of the ICP Group.