Montreal-based GL&V has closed on the acquisition of the main assets of Eimco Process Equipment Co., a Salt Lake-based division of Baker Hughes Inc.
Eimco supplies technologies for liquid and solid separation processes, including those in the chemical and petrochemical, mining and minerals industries and the treatment of drinking water and wastewater. It has about 400 workers in Salt Lake City. Sales in the most recent fiscal year totaled $180 million.
The $51 million transaction consists mainly of accounts receivable, inventories and work in progress. The acquisition is being financed by a combination of bank indebtedness and GL&V's available cash.
GL&V also said it has entered into an agreement with two financial institutions to refinance existing debt and finance a portion of Eimco's acquisition cost.
GL&V designs, manufactures, upgrades and services equipment used in pulp and paper production and in liquid/solid separation processes. It has about 1,200 employees in 40 countries.