Thu, 02 Jan 2020 12:00 am EDT
PITTSBURGH--(BUSINESS WIRE)--Evoqua Water Technologies (NYSE: AQUA) announced that the company has completed the divestiture of the Memcor® product line to Dupont Safety & Construction. Gross proceeds from the sale were approximately $110 million.
“The successful closing of the Memcor divestiture is an important milestone in our product portfolio strategy,” said Ron Keating, CEO of Evoqua. “We are pleased to expand our relationship with DuPont as we source innovative products to incorporate into our integrated solutions and services.”
The Memcor product line, which pioneered many firsts in low-pressure membrane technology, consists of microfiltration, ultrafiltration and membrane bioreactors (MBR). The divested business has approximately 190 employees globally.
About Evoqua Water Technologies
Evoqua Water Technologies is a leading provider of mission critical water and wastewater treatment solutions, offering a broad portfolio of products, services and expertise to support industrial, municipal and recreational customers who value water. Evoqua has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Headquartered in Pittsburgh, Pennsylvania, the company operates in more than 150 locations across nine countries. Serving more than 38,000 customers and 200,000 installations worldwide, our employees are united by a common purpose: Transforming Water. Enriching Life®.
DESOTEC, founded in 1990, is the leading European provider of mobile filtration solutions through a unique and circular service concept, which helps protect the planet by enabling clean water, air, and soil. DESOTEC's customer base is constantly growing thanks to a strong focus on 24/7 service and a commitment to design and deliver the best solution in close dialogue with the customer. Through in-depth expertise of industrial applications and continuous investment in mobile filters, reactivation capacity and well-positioned hubs, DESOTEC ensures that the industry can meet the increasing regulations for a better and cleaner environment. Private equity funds managed by Blackstone acquired DESOTEC in 2021. Further information is available at www.desotec.com.
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $951 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com.