Swiss pump company buys waste water businessApril 15, 2011
Sulzer AG plans to buy a waste water pump business from Assa Abloy AB for 858 million Swiss francs or $935 million. The Swiss company hopes to expand in the waste water market, which it expects will grow by more than 5 percent each year, according to Bloomberg News.
Assa Abloy’s Cardo Flow Solution business generated 463 million francs in sales last year and 67 million in earnings, Sulzer said in a statement. Sulzer AG CEO Ton Buechner said his company will benefit from the “attractive long-term growth” of the industry.
Water and waste-water operations will account for 16 percent of Sulzer’s yearly sales after the acquisition compared with 5 percent last year, company said. The purchase will aid Sulzer in becoming one of the top three players in waste water pumps, Buechner noted. ITT Corp. is the leading company now.