Solids-liquid separation process control company SciDev (ASX:SDV)
is set to acquire Highland Fluid Technology for around $6 million US dollars.
Highland is a private US company supplying bespoke chemistry and services for fluid recycling and water reuse.
Highland delivered revenue of approximately $7.8 million US dollars in the 2019 calendar year, with positive cashflow for the year excluding corporate one-off payments.
SciDev says the acquisition will give the company immediate access to the 2.5 billion US dollar onshore oil and gas market via their existing customer base, will allow it to improve Highland’s existing business margins through its supply chain, will allow for expansion of its footprint in the North American market and will increase its resilience by diversifying its revenue streams in terms of geography and industry.
Shares in SciDev (ASX:SDV)
are trading 8 per cent higher at $0.68.