The Sulzer technology group of Winterthur has announced it is to buy Cardo Flow Solutions of Malmö for SFr858 million ($934 million).
The Swedish company is a supplier of pumps and related equipment used mainly for wastewater applications.
Sulzer said in a statement on Thursday that water and waste water would become one of the group’s key businesses, accounting for about 16 per cent of total sales.
The group, perhaps best known in the past for its marine diesel engines, commented that its balance sheet would remain strong, allowing for more acquisitions.
The wastewater market offers strong growth prospects in both mature and emerging markets, driven by long-term trends such as population growth, increasing water consumption, urbanisation and environmental protection, the Sulzer statement said.
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