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TREVOSE, PA AND OAKVILLE, ON -- GE Water & Process Technologies, a unit of General Electric Company and ZENON Environmental Inc, announced today that they have signed an agreement in connection with the acquisition by way of Plan of Arrangement of ZENON by GE in an all cash transaction for Cdn $24.00 per share, valuing the transaction at approximately Cdn $760 million, or US $656 million. ZENON is a global leader in advanced membranes for water purification, wastewater treatment and water reuse to municipalities and industries worldwide.
Over its 26-year history, ZENON pioneered the use of ultrafiltration technology for water and wastewater treatment. The technology has become the technology of choice for water and wastewater plants, and its adaptation is spreading rapidly throughout the world.
"ZENON is a great strategic fit with GE," said David Calhoun, GE Vice Chairman and President & CEO, GE Infrastructure. "With the synergies we create, we will have the potential to grow revenue in the municipal water segment at more than 30 percent for the next several years. Its best-in-class membrane technologies will allow GE to serve the fast-growing ultrafiltration segment of water and wastewater treatment, significantly expand our capabilities to help customers address pressing water scarcity issues and play a key role in the high-growth areas of the municipal water segment. With this terrific addition, we anticipate our water platform growing to nearly US $2.5 billion in revenue next year."
Andrew Benedek, Chairman and CEO of ZENON Environmental, said, "This transaction will benefit both our customers and GE's customers. Our advanced membranes and talented team, combined with GE's technology, scale, strong global network and services expertise, will open up new global opportunities for our ultrafiltration technology."
ZENON's advanced membranes include membrane bioreactor (MBR) and hollow fiber technologies that offer low-cost filtration and disinfection in one step with low energy consumption. ZENON has an extensive patent portfolio that will enhance GE's current water scarcity platform by providing pre-treatment technology for reverse osmosis desalination and reuse. ZENON's technology in municipal water treatment will enhance GE's presence with advanced technology products in this large global industry. ZENON's technologies also will help GE provide the best life-cycle cost reduction for customers in customized service agreements.
About GE Water & Process Technologies
GE Water & Process Technologies, a unit of General Electric Company, is solving some of the world's most pressing water challenges by providing industrial, agricultural and potable water, while lessening our dependence on fresh water sources. Technologies to accomplish this include desalination, advanced membrane, separation solutions, and water reuse and wastewater management and process technologies. GE delivers value to customers by improving performance and product quality, reducing operating costs and extending equipment life.
For more information on GE Water & Process Technologies, visit www.gewater.com
About ZENON Environmental
ZENON is a world leader in providing advanced membrane products and services for water purification, wastewater treatment and water reuse to municipalities and industries worldwide. Canada's Top 100 Employers ranked ZENON in their top 100 list for the last six years.
Additional information is available at ZENON's web site www.zenon.com
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