AMERICAS WATER IN BRIEF
- From: Vol 13, Issue 9 (September 2012)
- Category: Brief
- Region: Americas
- Country: United States
- Related Companies: American Water, Appalachian Water Services LLC, Aqua America, Aquarion, Axine Water Technologies, Business Development Bank of Canada, Chrysalix Energy Venture Capital, Greenback Produced Water Recovery, HaloSource, Heckmann Corporation, HTI, IDE Technologies, Orascom Construction Industries, Pentair, Power Fuels, The Weitz Company, Tyco Flow Control and United Water
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IDE Technologies has replaced Kent Turner, the former head of its US arm, with Mark Lambert, who until recently served as vice president of corporate development at forward osmosis specialist HTI.
- Like Turner, Lambert is part of the American Water diaspora – both men worked as VPs in business development for the company between 2004 and 2006.
- Tyco Flow Control has raised $900 million in 5- and 10-year bonds ahead of its merger with Pentair. The proceeds are intended to be used to redeem $500 million of Pentair bonds. Pentair’s credit rating was simultaneously raised from Baa3 to Baa2 by Moody’s.
- It has been a busy month for Heckmann Corporation. Apart from its impending merger with Power Fuels (see commentary), the company also completed the acquisition of a majority stake in Appalachian Water Services, LLC, which owns and operates a produced water treatment plant in the Marcellus Shale.
- Toxic wastewater treatment company Axine Water Technologies has confirmed that Chrysalix Energy Venture Capital and the Business Development Bank of Canada participated in its equity funding round earlier this summer.
- Meanwhile, Greenback – Produced Water Recovery, LLC has raised $1 million of new equity to support its produced water treatment business in the US.
- Egyptian contractor Orascom Construction Industries has agreed to acquire The Weitz Company, giving it a strategic foothold in the US. Weitz, which has some exposure to the water treatment plant construction market, generated $681.5 million of revenues in 2011.
- United Water has completed the sale of its Connecticut regulated water operations to Aquarion for $38.5 million.
- Aqua America, meanwhile, has followed up its purchase of Fox Run Water and Moseley-Nash Enterprises’ water systems assets in Virginia by buying the companies’ systems in North Carolina.
- HaloSource has signed a strategic partnership with Pentair to market and sell its point-of-use water products in Brazil.