Total
0
Shares
Xebec Adsorption - Kurt Sorschak, Chairman, CEO and President. - The Market Herald Canada
Kurt Sorschak, Chairman, CEO and President.
Source: Xebec Adsorption.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Xebec Adsorption (XBC) has expanded its U.S. manufacturing capacity by acquiring Tennessee-based Nortec
  • Xebec will pay C$8.5 million through cash on hand and 735,838 of its common shares at $4.385 per share
  • With the acquisition, Xebec expands its manufacturing footprint with key personnel and an 18,500 sq. foot facility in Maryville, Tennessee
  • Nortec specializes in compressed air drying and industrial systems
  • Xebec is a global provider of clean energy solutions for renewable and low-carbon gases used in energy, mobility and industry applications
  • Xebec Adsorption (XBC) is up by 1.62 per cent and is currently trading at $4.40 per share

Xebec Adsorption (XBC) has expanded its U.S. manufacturing capacity by acquiring Tennessee-based Nortec.

The company will pay C$8.5 million through cash on hand and 735,838 of its common shares at $4.385 per share. Xebec will pay $2.6 million in cash immediately upon closing.

With the acquisition, Xebec expands its manufacturing footprint with an 18,500 sq. foot facility in Maryville, Tennessee, as well as with key personnel that compliments its compressed air dryers, renewable natural gas dryers, hydrogen dryers and Cleantech Service Network.

Nortec had revenues of $4.5 million in 2020.

Mike Zarif, President and CEO of Nortekbelair Corporation, commented,

"After spending more than 30 years in the compressed air industry and founding Nortec more than a decade ago, I am excited to be embarking on this journey with Xebec. I believe that our manufacturing capabilities will be valuable as Xebec looks to grow its presence in the United States."

Kurt Sorschak, Chairman, President and CEO of Xebec Adsorption, added,

"Nortec is a strategic acquisition for us because it will immediately increase our manufacturing capacity. Given the increasing importance of local sourcing and servicing, we are glad to have a manufacturing setup in the United States.

Mike and the Nortec team have done an excellent job in growing the business and creating a foundation that will help us bring new products to the U.S. market and increase the production of existing ones."

Zarif will remain with Nortec post acquisition and continue his focus on R&D and product development within the company. 

Nortec specializes in compressed air drying and industrial systems.

Xebec is a global provider of clean energy solutions for renewable and low-carbon gases used in energy, mobility and industry applications.

Xebec Adsorption (XBC) is up by 1.62 per cent and is currently trading at $4.40 per share as of 11:20 am ET.

More From The Market Herald
PyroGenesis - CEO, M. P. Peter Pascali. - The Market Herald Canada

" PyroGenesis (TSX:PYR) subsidiary lands multi-million-dollar order in Quebec

Through one of its subsidiaries, PyroGenesis (PYR) has been awarded a multi-million-dollar contract to supply a landfill biogas purification system.
EnviroGold Global - CEO, Mark Thorpe (left). - The Market Herald Canada

" EnviroGold (CSE:NVRO) to rehabilitate Buchans River Delta

EnviroGold (NVRO) is set to recover valuable commodities while rehabilitating Newfoundland’s Buchans River Delta.
Osisko Green Acquisition (TSX:GOGR.UN) completes $250 million IPO

" Osisko Green Acquisition (TSX:GOGR.UN) completes $250 million IPO

Osisko Green Acquisition (GOGR.UN), a SPAC focused on the shift away from fossil fuels, has completed its C$250 million initial public offering.
Raise Production (TSXV:RPC) and Cleantek Industries close $10.75 million financing

" Raise Production (TSXV:RPC) and Cleantek Industries close $10.75 million financing

Raise Production (RPC) and Cleantek Industries have closed their C$10.75 million equity financing.