GLV to sell Pulp and Paper division and focus on water treatment

The Pulp and Paper division will be sold for C$65 million to a corporation owned by GLV president and CEO Richard Verreault and executive chairman Laurent Verreault. GLV’s financial advisor National Bank Financial Inc will solicit superior proposals from third parties until 7 November 2014.

When the sale closes, GLV will change its name to Ovivo Inc. Richard Verreault will step down from his current roles of president and CEO and director of GLV while Laurent Verreault will continue to act as executive chairman of Ovivo Inc. Marc Barbeau, the current president of GLV’s Ovivo division, will become president and CEO of the pure-play water treatment company. The Verreaults will remain major shareholders.

GLV Inc has two divisions: Ovivo and GL&V Pulp and Paper.

Ovivo designs solutions for the treatment and recycling of water encompassing filtration, clarification, treatment and purification. The Ovivo portfolio includes mechanical rakes, screens, clarifiers, membrane bioreactors, moving bed bioreactors and submerged aerated filters. Brands include Aqua Engineering, Brackett Green, Christ Water Technology, Copa, Eimco Water Technologies, Enviroquip, Goema, Jones+Attwood, Kennicott and UT&S.

The GL&V Pulp and Paper segment provides systems for various stages of paper production. Products include HI-Q and TamScreen screens, CORU-DEK, CENTERDISC and VDF disc filters and DUFLO pumps.

In the year ended 31 March 2014, GLV had consolidated revenues of C$635.1 million, up 8.5% on previous fiscal year, and a net loss of C$22.3 million. Ovivo’s revenues were up 10.4% or C$36.5 million to C$389.0 million, while GL&V Pulp and Paper revenues grew 5.3% or C$10.7 million to C$210.6 million.