Boston, MA 09/30/2014 (wallstreetpr) – Distributor of bulk chemicals, Hawkins, Inc. (NASDAQ:HWKN) disclosed that it has struck a definitive deal to buy The Dumont Company, Inc. and all of its assets with a view to expand water treatment footprint throughout Florida. The Dumont has seven units in the State of Florida. However, the company has not disclosed any financial terms governing the agreement.
Acquired Assets
Hawkins, Inc. (NASDAQ:HWKN) said that the purchased assets would become a part of its Water Treatment division, its statement indicated. In 2013, the company generated revenues of approximately $14 million.
The company stated that the purchase would significantly expand its Water Treatment division’s geographic footprint, which was not covered earlier by it. The acquisition is also expected to continue efforts to record growth in its water treatment business. The company indicated that the deal would be subject to closing conditions and is predicted to be completed in the coming weeks.
Management Speaks
Hawkins, Inc. (NASDAQ:HWKN) CEO, Patrick Hawkins, said that it was pleased with the tactical acquisition of Dumont for its water treatment division. He said that Dumont shared its core values and was specifically focused towards providing the highest level of value and services to its customers.
He said that he was looking forward to working with outstanding employees of Dumont to grow the unit as it would bring in broader offering of products to the customers of Dumont.
Similarly, Dumont President, Ron Cartwright, said that he along with his wife ran the company as his family business for more than two decades. He felt happy to join the team of Hawkins. He said that the merged entity would be a great cultural fit besides providing excellent opportunities for its employees, as well as, customers.
Since the Hawkins, Inc. (NASDAQ:HWKN) has not disclosed any financial details about the acquisition and the likely waiting period of earnings accretive, investors would be looking forward to the company’s quarterly results to get more information.
