Domnick Hunter announced today that it has acquired PTI Advanced Filtration Inc, based in Oxnard, California, and PTI Technologies Ltd, based in Sheffield, from ESCO Technologies Inc for $18 million.
The acquired businesses design and manufacture filtration products that are sold to customers in the fine chemical, food and beverage, microelectronics, electrocoat, nutraceutical and OEM medical markets.
According to a statement, Domnick Hunter will integrate the acquired businesses into its Process Operations unit, providing the enlarged business with increased sales opportunities, particularly in North America.
The acquisition is also said to give Domnick Hunter access to additional membrane technology, enhanced research and development capabilities, an established manufacturing base in the United States and a significant opportunity to develop future growth.
The combined unaudited results of the acquired businesses for the year ended 30 September 2003 show turnover of £18.4 million, gross profit of £3.6 million, an operating loss of £4.0 million and net assets as at 30 September 2003 of £14.3 million.