GenTek Inc. announced today it has executed a purchase agreement to acquire the assets of GAC MidAmerica, Inc., a producer of aluminum sulfate and bleach that operates a plant in Saukville, Wis.
Aluminum sulfate is used for treating water and wastewater. The purchase price of the transaction is $7.8 million, before any working capital adjustment. The transaction will be funded from GenTek operating cash and is expected to close by the end of the September.
William Redmond, Jr., president and chief executive officer of Parsippany, N.J.-based GenTek, said, "This strategic investment in our chemical business will further drive GenTek shareholder value creation through driving operating efficiency as well as profitable growth in this segment of our chemical business."
GenTek also acquired GAC MidAmerica plants in Toledo, Ohio, and Indianapolis, Ind.
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