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WesTech and Swire sign Membership Interest Purchase Agreement

WesTech and Swire sign Membership Interest Purchase Agreement
WesTech and Swire sign Membership Interest Purchase Agreement

WesTech Engineering, Inc., an equipment & working solutions provider, has reportedly inked a MIPA (Membership Interest Purchase Agreement). The agreement is regarding the sale of WesTech to a London-based diversified conglomerate, Swire.

Additional terms of the MIPA have remained confidential. Moreover, the deal is subject to further shareholder approval.

Headquartered in Salt Lake City, WesTech Engineering is well known for providing process services and solutions for water & wastewater treatment, liquid or solid separation, as well as biological treatment needs in the global municipal, minerals, and industrial markets. With above 500 employees, it has offices in South Africa, Peru, Italy, India, China, and Brazil. The core focus of the company is to deliver process equipment & water technology solutions.

On the other hand, Swire is a UK-based highly-diversified group, holding key expertise in property development, beverages & food chain, marine services, aviation, and other industrial and trading interests. Its principal business activities are divided into 5 categories, i.e. trading & industrial, marine services, agribusiness & food chain, aviation, and property. John Swire & Sons, its UK-based parent company, holds a 55% share in Swire Pacific.

Moreover, in the water sector, the company owns a specialized water treatment company, Purestream, which is compatible with WesTech. Following the deal, these two companies are expected to accelerate the deployment of the leading solutions.

As per the statement made by John Swire & Sons’ Financial Director, James Hughes-Hallett, WesTech has been holding a prominent position with over a 5-decade history of providing high-quality solutions and equipment in the water treatment market. The latest deal will enable Swire to significantly combine the existing resources with the capabilities of WesTech, thereby enhancing its position in the industry. In addition, it will drive the commitment of Swire to sustainability and the responsible management and use of water.

Source credit:

https://www.businesswire.com/news/home/20201124006084/en/WesTech-Engineering-Inc.-and-Swire-Announce-Signing-of-Membership-Interest-Purchase-Agreement

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