Modern Water completes acquisition of water quality division
Modern Water Group (MWG) has completed a $4.5m acquisition of Strategic Diagnostics (SDIX) water quality division, including its toxicity testing technology Microtox.
The acquisition forms part of MWG's, which owns a range of water technologies for water monitoring, ongoing strategy to accelerate sales in its water quality testing and monitoring technologies global distribution network.
As a result of the deal, which saw consideration for the acquisition paid in cash using funds out of MWG's existing cash reserves, a base for business operations in the US under the name Modern Water Inc (MWI) has been established.
According to the Group, this will provide another "strategic step" for its existing business MW monitoring, which includes toxicity monitor Cymtox, as there are "clear synergies" between its existing portfolios of monitoring products - Cymtox uses the same platform bioluminescent technology as Microtox.
MWG chief executive Simon Humphrey, said: "Our combined expertise in bioluminescence provides a solid base for future product development. Microtox and environmental monitoring product sales will benefit from the distribution channels Cogent and Cymtox have established in China and Asia, whilst sales of our existing products will be enhanced by the strength of the sales team and distribution partners we are acquiring in the EU, US, Canada and the rest of the Americas."