Energy Recovery Inc., which develops water desalination devices, said Wednesday it has agreed to buy Pump Engineering LLC for $25.7 million in cash and stock.
Pump Engineering, based in New Boston, Mich., makes centrifugal turbine desalination equipment.
Energy Recovery said the acquisition fits with its growth strategy of expanding its products and getting into new markets.
Energy Recovery said it agreed to pay $20 million in cash plus 1 million of its shares. It expects the deal to close before the end of this year.
Energy Recovery shares rose 9 cents to close at $5.70 on Wednesday.