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Hydro International

  • BY: Andrew Hore |
  • POSTED: 06/05/2008 |

Hydro International is buying Eutek Systems Inc.

The developer of equipment to control and treat wastewater is paying an initial $8.5m for Eutek, which develops equipment that removes fine grit, sugar sands, abrasives and fixed solids from wastewater. A further 5% of revenues generated between 1 May 2008 and 30 April 2013 is payable in deferred consideration - up to a maximum of $5m.

This acquisition makes Hydro the biggest supplier of non-mechanical grit removal equipment.

Oregon-based Eutek made an operating profit of $200,000 on turnover of $5.3m in the year to August 2007.

Hydro is a profitable business. Its profits and earnings per share have more than doubled over the past four years. It reported profits of £2.55m and earnings per share of 12.5p in 2007. Net cash was £4.84m at the end of December 2007. Most of that will go on Eutek. The year end order book was worth more than £7m.

Hydro shares rose 4p to 171.5p. 

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