Forms New Independent Company Named EMCON Technologies
COLUMBUS, Indiana -- One Equity Partners(OEP), today announced that it has completed the previously announced acquisition of ArvinMeritor, Inc.'s, (NYSE: ARM) Emissions Technologies business group for approximately $310 million. In certain jurisdictions, ArvinMeritor, Inc. will provide transition services to EMCON Technologies until all licenses, registrations and other related documents are complete.
The new independent company will be named EMCON Technologies. H. H. "Buddy" Wacaser, formerly Senior Vice President and President of ArvinMeritor's mission's Technology business, has been named President and CEO of EMCON.
OEP Senior Partner, Lee Gardner, said, "We are pleased to complete this exciting transaction. Over the last several months, we have spent considerable time with EMCON's management team and employees to refine the aggressive growth plan for the business and develop strategies to drive enhanced value for our global customers. OEP will support the existing management in further expanding its market-leading position in the exhaust and emissions technology industry. We see tremendous opportunities to leverage EMCON's global presence and competitive strengths to position it for long-term success."
H. H. "Buddy" Wacaser, President and CEO of EMCON Technologies, said, "Today marks an important milestone in the history of this exceptional business. Our management team, and the thousands of employees that helped build this business for nearly 100 years, are committed to continuing to fulfill our mission of developing technologies that support our customers' efforts to reduce pollutants and greenhouse gas emissions. We are excited to work with OEP, which has significant experience operating companies in the automotive industry and recognizes the significant opportunities for our business. We are confident that their financial and management resources will be instrumental in driving our new company's future growth. We expect to continue developing industry-leading technologies to support our customers around the globe."
EMCON Technologies is a full service system integrator offering exhaustand emissions solutions for a variety of applications.