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Holders of Christ Water Technology shares will be offered E3.35 in cash per share, through GLV's Eimco Water Technologies GmbH. GLV's offer has received the support of Christ Water Technology's largest shareholder, Andreas Weissenbacher, who holds approximately 27% of the company's shares.
Founded in 1939, Christ Water Technology specializes in the design and fabrication of systems used for water purification and ultrapurification, wastewater treatment, recycling of process water, production of drinking water and desalination of seawater. Excluding its PLS division which has just been sold to BWT AG (see In Brief, page 6), Christ Water Technology currently employs approximately 900 people worldwide. The company's primary end markets are the microelectronics industry, desalination plants, power generation, the petrochemicals industry, the food and beverage processing industry and the municipal segment.
GLV's management estimates that the acquired business will provide GLV with additional revenues of approximately C$275 million during the first full fiscal year post acquisition. GLV expects restructuring costs of C$20 million-30 million to combine the
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