Sulzer has acquired GTC Technology, a supplier of processes and systems to petrochemical industry, for producing aromatics and other petrochemicals.
The $39m deal is expected to strengthen Sulzer Chemtech’s position in the petrochemical processes, while expanding its revenue base to process licensing and other associated equipment and chemicals.
According to Sulzer, the Houston, Texas-based GTC integrates its process-based plant engineering licensing expertise with its industry experience. This has resulted in solutions that reflect 30 years of development work in the petrochemical and refining sectors.
The company develops and commercializes licensed processes such as proprietary equipment and chemicals, for the petrochemical industry across the world. Specific process are engineered in-house, with focus on aromatization, C5 processing, BTX recovery and gas to liquids processing.
The company is claimed to generate about $50m in annual revenues with high single-digit earnings before interest, taxes and amortization (EBITA) margin. The company has a global workforce of about 200.
Sulzer, in a statement, said: “This acquisition strengthens Sulzer Chemtech’s position as a leading technology provider for a wide portfolio of technologies and provides a market entry into the attractive technology licensing business.
“Sulzer’s global engineering and manufacturing capabilities, its leadership position in tower internals for mass transfer and its global network will accelerate the growth of GTC and yield measurable synergies.”
Earlier, the Swiss firm secured a contract from ArcelorMittal to provide distillation equipment to its steel production plant in Gent, Belgium. The contract was giver to help in converting waste gases from the steel manufacturing process into approximately 80 million liters of bioethanol annually.
The company earlier said: “In order to develop a suitable system to extract the biofuel after the bacterial metabolic process, it was essential to select a specialist in separation technology. Sulzer was appointed on the basis of its extensive expertise, in-depth knowledge and manufacturing capabilities for the processing industries.”