CLARCOR announces investment in BioProcess Technologies, Inc
CLARCOR Inc. (NYSE: CLC) today announced that it has acquired a 30% preferred equity share in BioProcess Technologies, Inc. (BPT), a Rhode Island-based manufacturer of industrial waste water and water reuse filtration systems. Under the terms of its agreement with BPT, CLARCOR will have the right to acquire additional ownership shares and eventually complete ownership of the company over several years at a price based on BPT’s operating income. CLARCOR’s investment will be used by BPT to expand its manufacturing capacity, fund working capital and to develop new marketing and sales programs. Terms of the investment were not disclosed.
Norm Johnson, CLARCOR’s Chairman and CEO, said: “We are very excited at the opportunity to invest in BPT, and particularly its proprietary waste water filtration technology. BPT manufactures industrial waste water treatment systems using a unique, patented filter media design based on a biological process to remove organic waste contaminants in industrial waste water streams. The process is a cost-effective solution applicable to industrial plants, residential developments, smaller municipalities as well as major waste water disposal and treatment facilities. BPT has sold its systems to major soft drink bottlers, manufacturers of foods and ingredients, agricultural concerns and for other organic waste water treatment applications.
“BPT’s process works continuously unlike conventional systems that require a large footprint, high energy input and extended retention time to metabolize waste water. Importantly, it is a biological growth process based on a modular design that can be easily engineered to the required water flow treatment rate. We have successfully integrated BPT’s technology with the waste water filtration systems that we currently sell in Europe and have seen significant improvements in filtration efficiencies.
“It is no secret that water is becoming an ever more scarce resource and that environmental concerns regarding water quality are increasing around the world. Our investment in BPT better positions CLARCOR to play an important role in a growing world-wide market.”
Tim Burns, BPT’s President said: “These are exciting times for BPT. BPT is a rapidly growing, profitable company and CLARCOR’s capital and operational support will allow us to grow even faster. We have succeeded in selling our systems to large multi-national companies. With the additional resources from CLARCOR’s investment in BPT, we expect to be even more successful in the future.”