Energy Recovery (NASDAQ:ERII), a developer of energy recovery devices serving the desalination industry, announced it is acquiring Pump Engineering for 20 million dollars in cash plus one million shares of stock. With the acquisition, Energy Recovery's product line expands to include Pump Engineering's energy-saving hydraulic turbochargers and pumps. Shareholders responded favorably to the news, sending shares of Energy Recovery 17% higher.
Polymer powders and plastic film concentrates producer ICO (ICOC) announced a merger agreement with plastic compounds and resins supplier A. Schulman (SHLM). The deal gives ICO shareholders 3 dollars and 67 cents per share in cash, plus 3 dollars and 12 cents per share worth of A. Schulman stock, in a deal valued at just over 191 million dollars. Current shareholders of ICO would end up owning about 16% of the combined company. ICO shares jumped more than 46% in trading on Thursday.
And Geokinetics (GOK) announced it will acquire the onshore seismic data acquisition and multi-client data library business of PGS Onshore for 184 million dollars in cash plus about 26 million worth of stock, valuing the deal at approximately 210 million dollars. Geokinetics said the deal would be highly accretive to 2010 earnings, and creates the second largest provider of onshore seismic data acquisition services. Shares of Geokinetics advanced about 5%.
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