SciDev (ASX:SDV) set to acquire Highland Fluid Technology for $6M

Company News

by Katrina Bullock

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.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.