The assets of J&Y International Inc., a Menomonee Falls manufacturer of desalination and industrial wastewater treatment systems, has been purchased by a Chinese water technology firm in a deal worth up to $1.5 million.
Tri-Tech Holding Inc., of Beijing, acquired J&Y through its subsidiaries, Tri-Tech International Investment Inc. and Tri-Tech Infrastructure LLC, according to a press release. Consideration will be paid in four installments of cash and Tri-Tech stock and includes an earn-out purchase price payment based on earnings through December 2012.
Tri-Tech (Nasdaq: TRIT) designs customized sewage treatment and odor control systems for China’s municipalities and its larger cities. The company’s total revenue grew 159 percent to $43.5 million in 2010. The company went public in an IPO in September 2009, selling 1.7 million shares at $6.75 per share, or a total of nearly $11.5 million.
In a press release, J&Y CEO James Schwartz said that the company believes that behind Tri-Tech’s “strong customer base and sophisticated marketing capabilities,” J&Y’s water treatment technologies will become widely used and contribute to the company’s long-term development. Tri-Tech CEO Warren Zhao said the deal, Tri-Tech’s first overseas acquisition, will enable the firm to expand its business “in a major way” in desalination, industrial wastewater, water treatment and other related fields.
