Evoqua completes divestiture of Memcor
Evoqua Water Technologies Corp. announced Thursday that it had completed the divestiture of its Memcor product line, selling it to DuPont de Nemours Inc.'s safety and construction division.
The product line consists of microfiltration, ultrafiltration and membrane bioreactors for municipal drinking water, wastewater reuse and wastewater applications. The divested business has approximately 190 employees globally and Evoqua said that the gross proceeds from the sale were approximately $110 million.
“The successful closing of the Memcor divestiture is an important milestone in our product portfolio strategy,” Ron Keating, CEO of Evoqua, said in a statement. “We are pleased to expand our relationship with DuPont as we source innovative products to incorporate into our integrated solutions and services.”
The deal to sell Memcor to DuPont (NYSE:DD) was announced back in early October, with Evoqua (NYSE:AQUA) saying it wanted to focus more on core products and solutions.
Evoqua is based in downtown Pittsburgh. It operates in more than 160 locations across nine countries and serves more than 200,000 installations around the world and employs about 4,000.