Intec Ltd has successfully concluded the deal to acquire 50% interest in Science Development (SciDev) with an option to buy the remaining 50% in the next few years.
SciDev is a Sydney-based company specializing in developing technologies in the area of wastewater treatment chemicals that are applicable across a broad range of industry sectors.
Established in 2001, the company has registered profit on a regular basis and has continued to invest in R&D, manufacture and import a broad range of coagulants and flocculants for use in wastewater treatment and sludge dewatering, most notably in the mining and agribusiness industries.
Intec has been looking to strengthen its presence on the market by expanding into other target sectors and areas and the acquisition of SciDev will only complement the company’s current activities in the treatment of waste products from mining and related industries.
According to the terms of the deal, the initial 50% interest in SciDev has been acquired for a cash consideration of $1.3 million, with Intec reserving the right to acquire the remaining 50% prior to 31 August 2016 based on an agreed formula related to future profitability.
Intec will retain the services of the existing management of SciDev and will appoint two directors in the company’s board, which currently has two members.
At the same time, Daniel Cronin has been appointed a Non-Executive Director of Intec. Prior to his engagement with the company, Mr. Cronin has enjoyed a successful international career in the chemical industry and has held senior roles in divisional group management, operations and marketing at BASF, Degussa and Sandoz.
He will be appointed as one of Intec’s nominee directors on the Board of SciDev.