Dec. 10, 2002: Global Water Technologies In Talks To Sell Cooling Tower Subsidiary
PSI is a cooling tower design and equipment provider with installations in 25 countries and revenues of $85 million in 2001. Its customer base ranges across a variety of industries, including HVAC, power, automotive, refining, petrochemical, governmental, and pharmaceutical.
Commenting on this strategic move, George Kast, chairman and CEO, stated, "The divestiture of PSI should provide GWT the necessary capital to fund the growth of our water treatment service businesses, Applied Water Technologies Inc. (AWT) and Global Water Services Inc. (GWS), as well as provide PSI with the needed financing and bonding capacities to expand its business opportunities. We hope to conclude a transaction in the near future in order for the companies to achieve their strategic objectives."
Publication date: 12/09/2002