MISSION WOODS, Kan., Dec. 6, 2007 (PRIME NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) has formally announced the acquisition of SolmeteX, a Northborough, Massachusetts-based company founded in 1994. SolmeteX is a developer of specialized chemistries and processes for the cost-effective removal of regulated toxins from both drinking water and wastewater. SolmeteX owns several proprietary technologies, including its Hg5-series of amalgam separators for mercury removal and the npXtra suite for the removal of arsenic and uranium. SolmeteX is the nationally recognized leader in the treatment of dental wastewater containing the neurotoxin mercury. The purchase price for the acquisition was $13,500,000 in cash and the acquisition is anticipated to be accretive in fiscal 2009, net of the research and development effort acquired with the business.
Layne Christensen's Water Resources Division President, Greg Aluce, stated, "This acquisition is a key component of our strategic plan to infuse our existing water and wastewater treatment product line with more sophisticated technology. SolmeteX is the first step in the process and brings a leading edge early stage product line in dental wastewater treatment, along with their research and development capabilities."
SolmeteX founder and CEO, Owen Boyd, commented, "Our entire team is extremely pleased and excited to be part of such a growing and dynamic company. Our technology inside the Layne Christensen organization will be a potent combination. The talents of our scientists and the resources of our laboratory facilities will be instrumental in the company's strategy to develop unique, high-end products in addressing the increased regulatory compliance the water and wastewater industry faces."
Layne Christensen Company's Water Resources Division provides single source, full service capabilities encompassing expertise in geosciences, well drilling, pumping, water transmission infrastructure, and water treatment. The company offers advanced treatment technologies for the removal of arsenic, iron, manganese, radionuclides, perchlorate, nitrate, and volatile organic compounds. With over 50 strategically located offices throughout the U.S., Layne's Water Resources Division is uniquely positioned to offer comprehensive, integrated solutions and services for the extraction and purification of groundwater and surface water for municipalities, investor owned utilities, industrial, and agriculture sectors.
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Layne Christensen Company provides sophisticated services and related products for the water, wastewater, mineral and energy markets.