Mannheim, Germany-based engineering and construction giant Bilfinger recently announced that it has agreed to buy Johnson Screens, a New Brighton-based water treatment equipment manufacturer.
Bilfinger said that the two companies have agreed not to disclose the financial terms of the deal, but its chief financial officer, Joachim Mueller, on late Friday told Reuters that Bilfinger will pay about $134 million.
Founded in St. Paul in 1904, Johnson Screens employs about 1,200 across the globe, including 250 in Minnesota, and had about $214 million in revenue last year. It is owned by Switzerland-based Weatherford International, which primarily offers oil and natural gas equipment and services.
A Johnson Screens spokesman declined to comment on whether the company will continue to be based in Minnesota, or whether the acquisition will result in any layoffs.
Johnson Screens’ water filtration products are used across a variety of industries, including food and beverage, construction, and oil and natural gas.
Bilfinger said that it wants to grow its water and wastewater-treatment business, and the acquisition will provide access to new markets and “increase the strong profitability” of the sector. The company expects to double its water technology business’ sales to more than $400 million annually as a result of the acquisition. Meanwhile, Johnson Screens’ current parent company, Weatherford, has decided to move away from the water treatment business, according to Bilfinger.
Bilfinger had about $11.3 billion in sales last year and employs more than 65,000.