Energy Recovery Inc., which develops water desalination devices, on Tuesday said it acquired Pump Engineering LLC in a cash and stock deal worth $27.1 million, based on Monday closing prices.
Under the terms of the deal, Energy Recovery paid shareholders of Pump Engineering $20 million in cash plus one million shares of Energy Recovery common stock.
Pump Engineering, based in New Boston, Mich., makes centrifugal turbine desalination equipment.
Earlier this month, Energy Recovery said the acquisition fits with its growth strategy of expanding its products and entering new markets.
Shares of the company closed at $7.05 on Tuesday.