Badger Meter to acquire Sweden-based D-Flow Technology Ab
The deal is worth $23 million in cash.
MILWAUKEE, WI, APRIL 28, 2017 -- Badger Meter Inc. (NYSE: BMI) announced it has signed a definitive agreement to acquire D-Flow Technology AB of Luleå, Sweden, for approximately $23 million in cash. D-Flow Technology is a knowledge-based company specializing in ultrasonic technology, primarily for flow measurement.
"There is a growing acceptance of ultrasonic technology within the municipal water market. We believe the D-Flow Technology will strengthen our position in ultrasonic flow measurement by enabling us to further enhance our existing E-Series® Ultrasonic product line, lower production costs and provide a platform for the continuing advancement of our ultrasonic capabilities," said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter.
"The D-Flow Technology acquisition is similar to our acquisition of Aquacue Inc. in 2013, which enabled us to integrate Aquacue's technology into our ORION® Cellular radios. We believe there are similar opportunities between Badger Meter and D-Flow Technology in the ultrasonic flow measurement space. Also similar to Aquacue, D-Flow Technology's facilities in Luleå, Sweden, will become a Badger Meter technology center,"added Meeusen.
Meeusen said the acquisition will close effective May 1, 2017, subject to customary closing conditions.
About D-Flow Technology AB
D-Flow Technology designs and manufactures customized integrated circuits and transducers for measuring various types of flow and also provides technical support. The company has 13 employees and had sales of approximately $2.5 million in 2016.
About Badger Meter
Badger Meter is an innovator in flow measurement, control and communications solutions, serving water utilities, municipalities, and commercial and industrial customers worldwide. The Company's products measure water, oil, chemicals, and other fluids, and are known for accuracy, long-lasting durability and for providing valuable and timely measurement data. For more information, visit www.badgermeter.com.