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Water Pik Technologies, Inc., has purchased the assets of Huron Tech Systems located in Jacksonville, Florida, a division of Finnchem USA, Inc., for $10 million. Huron Tech Systems is a leading manufacturer of automatic salt chlorinators for swimming pool and spa water sanitation and titanium heat exchangers, a component used in high-end pool and spa heat pumps. The acquisition is anticipated to be accretive to earnings in 2004.
For the year ended December 31, 2003, Huron Tech Systems' unaudited sales were $6.2 million including $2.4 million of titanium heat exchanger sales to Air Energy, a business acquired by the Company in June 2003. For 2003, Huron's unaudited income before taxes was $1.7 million and EBITDA (earnings before interest, taxes, depreciation and amortization) was $1.8 million.
"The acquisition of Huron Tech Systems supports the growth and profitability of our pool products business in two very important ways," said Water Pik Technologies' Chief Executive Officer Michael P. Hoopis. "First, the addition of the ClorMatic(R) salt chlorinator product line allows us to integrate this high-growth pool equipment category into our Jandy(R) system, a comprehensive line of pool and spa products designed to meet all the equipment needs of our customers. Second, by acquiring the capability to manufacture titanium heat exchangers, we will achieve immediate margin improvement in our heat pump product line through this vertical integration."