Produced Water Absorbents Inc.

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
9MM
Description

Purchased the assets of oil and gas technology company ProSep Inc., which provides produced water treatment solutions and services to the oil and gas industry.

Produced Water Absorbents Inc. (PWA) is acquiring the assets of oil and gas technology company ProSep Inc., which has offices in the United States and Malaysia.

As part of the $9.2 million deal, PWA will relocate its headquarters from Wooster, Ohio, to Houston, Texas as part of a domestic and international expansion drive.

"We identified strong synergies with our Osorb Media technology and ProSep's produced water services and have plans to develop this unique offering to target the challenges being experienced by oil and gas operators around the world,” Neil Poxon, CEO of PWA stated. “We have ambitions to grow our presence in Houston and significantly invest in research and development."

PWA provides produced water treatment solutions and services to the oil and gas industry. The acquisition will enable PWA to offer a complete solution for oil and gas industry oilfield water and gas streams, the company said.

Montreal, Quebec-based ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas.