ResinTech, Inc. announced today that has signed a letter of intent to acquire AquaChem s.r.l., a manufacturer of quality powdered ion exchange media and inert materials used for condensate filtration in conventional and nuclear power plants. The terms of the agreement, which is expected to close by October 31, 2018, were not disclosed.
ResinTech sees AquaChem’s exceptional line of powdered resins as a compliment to its own condensate polishing products. The company hopes to provide viable product alternatives to power industry clients who are experiencing excessive lead times due to the raw material shortages occurring worldwide. The company also believes having both manufacturing and a full-service lab in Italy will give European and International customers access to products and services previously limited to U.S. customers.
Jeffrey Gottlieb, ResinTech’s CEO, said, “This transaction is a great fit for us on many levels. Aqua Chem’s history is similar to our own. From a strategic point of view, having a European presence improves our ability to warehouse product and decrease lead times for customers in that part of the world. We look forward to even greater synergies when our new cation plant begins production.”
AquaChem was established by Roberto De Martino, a legendary figure in the condensate filtration industry. After founding the company in 1988, Mr. De Martino became world-renown for his technical but animated presentations where he preached the importance of using quality products and equipment in plant operations. Over the next three decades, AquaChem became one of the most respected companies in the powdered ion exchange world.
Mr. De Martino became ill in 2017, shortly after being approached by ResinTech. Andrea De Martino, the founder’s son and current Chairman, chose to proceed with the transaction despite his father’s passing earlier this year. “I know my father, Roberto, felt we had a great deal in common with ResinTech and was convinced that a merger would have been a good thing for everyone,” Andrea De Martino said.
AquaChem is headquartered in Fosdinovo, Italy and maintains a production facility in Milan. The deal marks ResinTech’s first international acquisition.