CLARCOR Announces Investment in BioProcess Technologies, Inc.
02 Mai 2008 - 10:21PM
Business Wire
CLARCOR Inc. (NYSE: CLC) today announced that it has acquired a 30%
preferred equity share in BioProcess Technologies, Inc. (BPT), a
Rhode Island-based manufacturer of industrial waste water and water
reuse filtration systems. Under the terms of its agreement with
BPT, CLARCOR will have the right to acquire additional ownership
shares and eventually complete ownership of the company over
several years at a price based on BPT�s operating income. CLARCOR�s
investment will be used by BPT to expand its manufacturing
capacity, fund working capital and to develop new marketing and
sales programs. Terms of the investment were not disclosed. Norm
Johnson, CLARCOR�s Chairman and CEO, said: �We are very excited at
the opportunity to invest in BPT, and particularly its proprietary
waste water filtration technology. BPT manufactures industrial
waste water treatment systems using a unique, patented filter media
design based on a biological process to remove organic waste
contaminants in industrial waste water streams. The process is a
cost-effective solution applicable to industrial plants,
residential developments, smaller municipalities as well as major
waste water disposal and treatment facilities. BPT has sold its
systems to major soft drink bottlers, manufacturers of foods and
ingredients, agricultural concerns and for other organic waste
water treatment applications. �BPT�s process works continuously
unlike conventional systems that require a large footprint, high
energy input and extended retention time to metabolize waste water.
Importantly, it is a biological growth process based on a modular
design that can be easily engineered to the required water flow
treatment rate. We have successfully integrated BPT�s technology
with the waste water filtration systems that we currently sell in
Europe and have seen significant improvements in filtration
efficiencies. �It is no secret that water is becoming an ever more
scarce resource and that environmental concerns regarding water
quality are increasing around the world. Our investment in BPT
better positions CLARCOR to play an important role in a growing
world-wide market.� Tim Burns, BPT�s President said: �These are
exciting times for BPT. BPT is a rapidly growing, profitable
company and CLARCOR�s capital and operational support will allow us
to grow even faster. We have succeeded in selling our systems to
large multi-national companies. With the additional resources from
CLARCOR�s investment in BPT, we expect to be even more successful
in the future.� CLARCOR is based in Franklin, Tennessee, and is a
diversified marketer and manufacturer of mobile, industrial and
environmental filtration products and consumer and industrial
packaging products sold in domestic and international markets.
Common shares of the Company are traded on the New York Stock
Exchange under the symbol CLC. BioProcess Technologies is a
privately-owned company based in Portsmouth, Rhode Island. Further
information can be found at www.bioprocessh2o.com.
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