Buying UK partner

Energy and emissions reduction systems maker Thermal Energy International Inc. is acquiring UK-based partner Gardner Energy Management Ltd. for up to $8.1 million. GEM makes the steam traps that Thermal Energy markets in Canada,Thermal%20Energy.jpg China and parts of the US. Thermal Energy says it will buy all of GEM’s shares for 2.7 million pounds (roughly C$5.5 million) and roughly 1.3 million pounds in cash and shares based on GEM’s performance over a three-year period. GEM’s steam traps capture radiant heat from industrial boilers and reuses it in production processes. It has installed more than 50,000 units worldwide, where some three million are sold each year in a $40-billion market. Thermal Energy, which currently gets about 30% of the profits from GEM’s steam trap sales, expects the acquisition will double revenues.

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