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Proventec
- BY: Andrew Hore |
- POSTED: 06/10/2008 |
Steam cleaning technology developer Proventec is buying a 60% stake in CryoJet Industrial Services BV.
Rotterdam-based CryoJet supplies cryogenic cleaning equipment that uses dry ice technology. The company’s equipment is used in the food, petrochemical and energy industries. This business will be part of an industrial division which will be run alongside the healthcare division.
CryoJet’s turnover is expected to reach €1.5m in 2008. All those sales are in the Netherlands and Proventec can sell the equipment in other countries.
Proventec is issuing 224,506 shares and an unspecified amount of cash for the 60% of CryoJet. The company’s founder chief executive Harry Leeman retains the other 40%.
At 160p a share, Proventec is valued at £19.5m.
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