Under the terms of the agreement, ERI will pay Pump Engineering shareholders approximately US$20 million in cash plus one million shares of ERI common stock.
New Boston, Michigan-based Pump Engineering specializes in centrifugal turbine energy-saving technology for seawater and brackish desalination applications. Pump Engineering’s hydraulic turbochargers and pumps are custom-designed to reduce energy consumption and increase efficiency in specific process conditions.
“ERI’s acquisition of Pump Engineering is aligned with our growth strategy of expanding our product offerings and addressing potential new markets. It allows ERI to offer our clients multiple complementary technologies that are unmatched in the industry,” said ERI president and CEO GG Pique. “This acquisition underscores ERI’s commitment to lead a global effort to prove that desalination is an affordable, environmentally sound and energy-efficient answer to the growing water crisis.”
“We're delighted with ERI’s validation of Pump Engineering’s technology and overall market strategy,” said Robert Oklejas, founder and president of Pump Engineering.