LOS ANGELES, Oct. 27, 2004 (BUSINESS WIRE) -- MEMS USA Inc. has acquired 100% of Gulfgate Equipment Inc. and Bott Equipment Company Inc. for $2.3 million in cash and restricted MEMS USA common stock.
These two Houston-based industrial equipment companies had combined 2003 unaudited annual revenues in excess of $8.2 million, with a gross operating profit of approximately 27.5%. Both companies develop engineered technical products and have served the energy sector and the oil and gas industry for the past 40 years.
Dr. James A. Latty, P.E., president of MEMS USA, stated, "These acquisitions bring a new dimension of customer service and business development opportunity to MEMS USA. When combined with our existing advanced technology core business, these manufacturing and fluid system component distribution companies will substantially enhance our oil & gas industry service capability in Texas. We will also transfer the manufacturing of our recently acquired Intelligent Filtration Systems (IFS) product line to our new Houston fabrication facility. The existing products are very complimentary to MEMS' industrial products and therefore these are strategically important acquisitions for MEMS."
Gulfgate president Mark Trumble stated, "We are extremely excited to join the MEMS USA team and take part in the growth and development of our Engineered technical products in markets throughout the USA. Our well trained and successful sales force looks forward to expanding sales through the establishment of new distribution channels on a national and global scale.
"Both of the Houston companies specialize in the support, service and rental of the fluid handling technical equipment that we manufacture and sell," Trumble added. "The newly combined group will benefit from our similar mind set of business values, the mix of products service, design, assembly expertise and the exciting new MEMS USA products. We are confident that there is a substantial and sustainable demand for the products and services we can now offer."
MEMS USA (www.memsusa.com) is a California-based professional scientific and technical services company.
Gulfgate Equipment (www.gulfgateequipment.com) is a manufacturer of quality oil purification equipment and an authorized ASME Code welding facility since 1963.
Bott Equipment Co. (www.bottequipment.com) is a provider of liquid handling equipment and solutions to the Industrial, Petroleum marketing, pulp/paper, paint and chemical market places since 1953.