Hach Buys Environmental Monitoring Firm
The purchase offer price was a 63.5% premium to Sutron’s closing price on the previous business day. In 2014, Sutron revenues declined 3.5% to $26.2 million. Its products include dataloggers, sensors, weather software solutions and customized systems. Analytical systems provided by the firm consist of water quality sensors. On Danaher’s first quarter conference call, President and CEO Thomas P. Joyce, Jr. stated, “With this acquisition, Hach will have the industry’s only end-to-end suite of remote-site equipment and systems that are designed for continuous reliable operation in extreme environments.”
Sterling, VA and Loveland, CO 6/22/15; Loveland, CO 7/28/15—Hach has agreed to acquire publicly held Sutron for a purchase price of $8.50 per share, or approximately $39 million net of cash. Sutron will join Hach Environmental, whose companies, including Ott Hydromet and Sea-Bird Scientific, offer environmental monitoring solutions for natural resource and oceanographic applications. “Sutron is an excellent complement to Ott Hydromet’s portfolio of water quality, quantity and telemetry solutions with global reach that meets customers’ needs for integrated, seamless hydromet networks of sensors, communications and software,” stated Hach Environmental President Glenn Cruger. The acquisition provides Hach Environmental with the addition of satellite communication, air quality instrumentation and metrological software solution technologies. The transaction is expected to close in the third quarter. The tender offer was completed on July 28.
