Ionics Acquires Ecolochem
Ionics Inc., a water purification and wastewater treatment systems supplier, has purchased Ecolochem Inc. and its affiliated companies for approximately $219 million cash and 4.65 million shares of Ionics common stock.
Ecolochem, a privately held company headquartered in Norfolk, Va., provides emergency short- and long-term mobile water treatment services to petrochemical, power and other industries. The acquisition significantly increases Watertown, Mass.-based Ionics' ability to offer outsourced water services. In connection with this transaction, Ionics obtained a $255 million banking facility.
“I am delighted by the overwhelming support that our shareholders have given us for this acquisition,” said Douglas Brown, Ionics CEO. “At our special meeting, 91 percent of the outstanding shares were voted, and more than 98 percent of the shares voting on the matter were voted to support the transaction. Clearly, our shareholders share our vision for the future of Ionics and for the importance of this transaction.”
Responsible for integrating Ecolochem into its new parent, Lyman B. Dickerson, Ecolochem's president, becomes vice president of Ionics' Water Systems Division. Dickerson and Frederick T. Stant became directors of Ionics.
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