Porvair acquires Keystone Filter

Porvair, a filtration and environmental technologies group, has acquired Keystone Filter, a division of CECO Environmental Corp (CECO).

The group has acquired the goodwill, business and trading assets of Keystone for cash.

Keystone designs and manufactures a range of filter cartridges and housings for the food and beverage, drinking water, and chemical process markets in the US.

Keystone reported revenue of approximately $4 million in the year ended 31 December 2017. As part of this acquisition, the group has entered into a transition services agreement with CECO to transfer the business to its Ashland, Virginia, plant over the next few months. Keystone will be integrated into the group's Aerospace & Industrial division. The business is expected to be earnings accretive once the transfer is completed.

Ben Stocks, chief executive, said: "The acquisition of Keystone increases the Aerospace & Industrial division's presence in the US, broadening its markets and providing a range of cross selling opportunities. Keystone brings sales expertise, distribution and a broad customer base for whom Porvair's wider product range will be attractive."

Source: http://www.iii.co.uk