Global Water Technologies in Discussions to Sell Its Cooling Tower Subsidiary
Global Water Technologies, Inc., (GWT) a full-service cooling water treatment company, is in discussions with several strategic and financial entities regarding the sale of its Psychrometric Systems, Inc. (PSI) subsidiary, which historically has been the company's principal operating entity.
Founded in 1993, PSI is a cooling tower design and equipment provider with installations in 25 countries and profitable revenues of $85 million in 2001. Its customer base includes mostly fortune 500 entities in a wide variety of industries including automotive, refining, petrochemical, power, HVAC, governmental and pharmaceutical, among others.
Commenting on this strategic move, George Kast, chairman and CEO stated, "The divestiture of PSI should provide GWT the necessary capital to fund the growth of our water treatment service businesses; Applied Water Technologies, Inc. (AWT) and Global Water Services, Inc. (GWS), as well as provide PSI with the needed financing and bonding capacities to expand its business opportunities. We hope to conclude a transaction, in the near future in order for the companies to achieve their strategic objectives."