WesTech Engineering and Swire Close Transaction, Chart Course for Expansive Growth
The Board of WesTech Engineering (WesTech) is pleased to announce that John Swire & Sons Limited (Swire) has completed its purchase of all of WesTechs common stock.
The Board of WesTech Engineering (“WesTech”) is pleased to announce that John Swire & Sons Limited (“Swire”) has completed its purchase of all of WesTech’s common stock. The purchase follows the vote by WesTech shareholders, with more than 94% voting in favor of the deal, and the successful meeting of all regulatory conditions.
Swire is committed to the growth and development of WesTech. This support is expected to enable WesTech to both diversify and accelerate its strategic development, building on the skills and corporate reputation that already exists. In particular, there are significant opportunities from close co-operation between WesTech and another Swire subsidiary based in Salt Lake City, Purestream Services.
“Today’s announcement reflects our commitment to invest in and grow companies that contribute positively to the environment and facilitate sustainable development,” said James Hughes-Hallett, Finance Director of John Swire & Sons Limited. “Combining our resources with WesTech’s process capabilities and established market reputation will accelerate our position in the water treatment market.”
“The current unprecedented circumstances caused many delays to this closing. However, we are delighted to finally see the process completed. I know we have found the right partner in Swire and am excited by the opportunities this will bring for WesTech,” said Ralph Cutler, CEO of WesTech Engineering. “We are fully committed to the long-term potential of the municipal, industrial and minerals markets. WesTech has developed a reputation for quality and value in these markets since the company was founded in 1972. We look forward to building on this strong foundation for our customers, employees and stakeholders.”
About Swire (www.swire.com)
Swire is a highly diversified global group, with principal business activities grouped into five categories: Property, Aviation, Agribusiness & Food Chain, Marine Services and Trading & Industrial. Many of Swire's core businesses can be found within the Asia Pacific region, traditionally centered on the Hong Kong Special Administrative Region and Chinese mainland. Within Asia, Swire's activities come under the group's Hong Kong publicly quoted arm, Swire Pacific Limited. The Swire group's UK-based parent company, John Swire & Sons Limited, has a 55% shareholding in Swire Pacific, and also has major business interests in Australia, Papua New Guinea, East Africa, Sri Lanka, the USA and UK.
John Swire & Sons Limited is responsible for formulating and directing overall group strategy and provides a range of services including recruitment, employment, and training of staff for the group and its subsidiaries, which today employ over 133,000 people worldwide.
About WesTech (www.westech-inc.com)
Founded in 1972, WesTech provides process solutions and services for water and wastewater treatment, liquids/solids separation, and biological treatment needs in municipal, industrial, and minerals markets worldwide.
Headquartered in Salt Lake City, operations also include US offices in Iowa and Massachusetts and globally in Brazil, China, India, Italy, Mexico, Peru and South Africa. With more than 500 employees, WesTech’s core purpose is to provide process equipment and water technology solutions to benefit humanity.
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