GEORGE TOWN, Cayman Islands,
Feb. 16, 2016 /PRNewswire/
-- Consolidated Water Co. Ltd. (NASDAQ Global Select Market:
"CWCO"), which develops and operates seawater desalination plants
and water distribution systems in areas of the world where
naturally occurring supplies of potable water are scarce or
nonexistent, today announced that it has acquired 51% of the
ownership of Aerex Industries, Inc. ("Aerex"), effective
February 11, 2016, for $7.7 million in cash.
Aerex (which conducts business under the registered name of
Aerex Global Water Solutions) is an original equipment manufacturer
and service provider of a wide range of products and services
applicable to municipal water treatment and industrial water and
wastewater treatment. The company's products include membrane
separation equipment, filtration equipment, piping systems, vessels
and custom fabricated components. Aerex also provides
engineering, design, consulting, inspection, training and equipment
maintenance services. Aerex is an American Society of Mechanical
Engineers (ASME) code accredited manufacturer and maintains the
ASME U and S and the National Board NB and R Certificates of
Authorization. The company's corporate offices and manufacturing
facilities are located in Fort Pierce,
Florida.
"This acquisition of a majority interest in Aerex represents an
important first step of the expansion of our business model into
other water-related industries and markets", commented Rick McTaggart, CWCO's Chief Executive Officer.
"Aerex has long been one of our most highly valued suppliers.
The equipment it has manufactured for us is integral to the
performance of some of our most efficient and profitable
desalination plants. Our ownership in Aerex gives us the
traditional benefits associated with the vertical integration of a
portion of our supply chain, and more importantly provides us with
an operating platform in the United
States through which we expect to continue to expand our
customer base and product lines within the water
industry."
"We are pleased to announce CWCO's investment in our company,"
stated Aerex President Thomas
Donnick. "We believe significant growth opportunities exist
for Aerex, and the financial, marketing, operational and technical
resources that Consolidated Water will provide to us as a result of
their investment will be vital to capitalizing on such growth
opportunities."
Aerex's unaudited revenues exceeded $19
million for the year ended December
31, 2015. Additional financial information regarding
the acquisition and Aerex's financial performance for the year
ended December 31, 2015 will be
provided in a future filing by CWCO on Form 8-K.
CWCO-G
About Consolidated Water Co. Ltd.
Consolidated Water Co. Ltd. develops and operates seawater
desalination plants and water distribution systems in areas of the
world where naturally occurring supplies of potable water are
scarce or nonexistent. The Company operates water production and/or
distribution facilities in the Cayman
Islands, Belize, the
British Virgin Islands,
The Commonwealth of The Bahamas,
and Bali, Indonesia and a water
industry equipment manufacturing and service business in
the United States.
Consolidated Water Co. Ltd. is headquartered in George Town, Grand Cayman, in the Cayman
Islands. The Company's ordinary (common) stock is traded on
the NASDAQ Global Select Market under the symbol "CWCO".
Additional information on the Company is available on its website
at http://www.cwco.com.
For further information, please contact:
Frederick W. McTaggart, President
and CEO, at (345) 945-4277 or David W.
Sasnett, Executive Vice President and CFO, at (954) 509-8200
or via e-mail at info@cwco.com
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visit:http://www.prnewswire.com/news-releases/consolidated-water-co-ltd-acquires-majority-interest-in-aerex-industries-300220268.html
SOURCE Consolidated Water Co. Ltd.