American Management Assoc. Training Programs

Leader in water purification and wastewater treatment acquires mobile water treatment services company

Manufacturing News Center

Ionics, Incorporated, an internationally recognized leader in water purification and wastewater treatment, announces that it has completed the acquisition of Ecolochem, Inc. and its affiliated companies for approximately $219 million in cash and 4.65 million shares of Ionics common stock. Ecolochem, a privately held company headquartered in Norfolk, VA, is a leading provider of emergency, short and long-term mobile water treatment services to the power, petrochemical and other industries. This transaction significantly increases Ionics' ability to offer extensive outsourced water services to its customer base.

In connection with this transaction, Ionics obtained a $255 million banking facility arranged by UBS Securities LLC, Fleet Securities, Inc. and Banc of America Securities LLC. Included in this facility is a $175 million secured senior loan and an $80 million revolving credit facility.

"I am delighted by the overwhelming support that our shareholders have given us for this acquisition. At our special meeting, 91% of the outstanding shares were voted, and more than 98% of the shares voting on the matter were voted to support the transaction. Clearly our shareholders share our vision for the future of Ionics and for the importance of this transaction," said Douglas Brown, Chief Executive Officer of Ionics. "Our shareholders also passed the proposed modifications to our stock incentive plan. This is important as we focus on using performance-based compensation arrangements to reward our employees."

Commenting on the closing of the acquisition, Lyman B. Dickerson, President of Ecolochem stated, "I am looking forward to successfully integrating Ecolochem into Ionics. The opportunity to become the leader in outsourced water services is exciting to all of us at Ecolochem and Ionics, and I am committed to realizing this opportunity to its full potential." Mr. Dickerson has joined Ionics as Vice President of Ionics' Water Systems Division. Following the closing of the transaction, Mr. Dickerson and Frederick T. Stant became directors of Ionics.

About Ionics

Ionics is a global leader in water purification and wastewater treatment, with over 50 years of experience in the design, installation, operation and maintenance of water treatment systems. Ionics is a leading provider of emergency and long term water treatment services and is a pioneer in the supply of membrane-based desalination systems throughout the world.

WE WANT YOUR FEEDBACK.

Did you find this material interesting?
Do you want more information of this type?

Comment via FEEDBACK

What related topics would you like to see covered?
What additional information on this topic would you find useful?

Source: Ionics

Copyright - Unless otherwise stated all contents of this web site are © 1998/2004– JOBWERX.COM. – All Rights Reserved. For permission to reproduce any contents of this web site, please advise our Syndication department: Log onto HELP

Have you seen the Great Deals from top brand name manufacturers? You haven't? What are you waiting for? Get insider promotions. Click Here for deals

Jobwerx makes no representation as to the accuracy of information transmitted herein.