The purchase will help the group move from specialising in pumps for the oil and gas industry to the wastewater market, which it forecast to grow by more than 5% a year through the cycle.
"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 firm said in a statement.
Headquartered in Malmö, Sweden, Cardo’s Flow Solutions business achieved 2010 sales of approximately CHF 463 million ($509 million approx.) and generates around 90% of its sales in the wastewater market as a supplier of pumps and related equipment including lifters, mixers, aerators, compressors, control and monitoring equipment and services.
Ton Büchner, CEO of Sulzer, said: "Cardo’s Flow Solutions business with its complete pumping solutions for the wastewater market and its committed employees provides an excellent strategic fit for Sulzer."
Sulzer hopes water and wastewater will become one of its key markets, accounting for 16% of total sales and it hopes to leverage its market positions in the Americas, Asia/Pacific, Middle East and Africa."