H2O Innovation completes Piedmont Pacific purchase

Canada’s H2O Innovation Inc announced on 5 December 2013 completion of the previously announced acquisition of all of the issued and outstanding common stock shares of Piedmont Pacific Corporation of Oakland, California, for a total consideration of approximately Can$ 4.0 million (US$ 3.8 million).

One of the leading manufacturers of flexible pipe couplings and other pipe fittings for highly corrosive environments, Piedmont was founded by James Medanich, who died in November 2013.

The company has also raised Can$ 906,600 (US$ 851,800) from sales of common shares to company insiders and additionally has sold 18.28% of the common shares to Investissement Québec, which will have a representative on the H2O Innovation board.