[June 26, 2007] Danaher acquires ChemTreat: $435 million deal benefits employee-owners of company based in Henrico County Tweet (Richmond Times-Dispatch (VA) (KRT) Via Thomson Dialog NewsEdge) Jun. 26--ChemTreat Inc., a Henrico County-based company that is majority owned by its employees, has been acquired by a Fortune 500 company for $435 million. The company, founded in Richmond in 1968, announced yesterday that it has agreed to be acquired by Danaher Corp., a Washington-based industrial conglomerate. The deal is expected to close in 30 to 60 days. ChemTreat manufactures chemicals for industrial water treatment. It employs about 150 people in the Richmond area at offices in the Innsbrook Corporate Center and at a manufacturing plant in Ashland. The company was founded by Harrison R. Tyler and William P. Simmons to sell specialty chemicals and engineering services to industries to keep their water systems free of corrosion and contaminants. In 2001, the founders completed the transfer of majority ownership to employees under an employee stock ownership plan. Simmons and Tyler retained a minority stake. That means a majority of the acquisition proceeds will go to an employee retirement account. After the deal closes, ChemTreat will no longer be an ESOP but will operate as a stand-alone company within Danaher, with no job cuts expected. "The headquarters for the business unit will remain exactly where it is, as will our manufacturing plants," said Jeffrey M. Dowd, ChemTreat's vice president and chief financial officer. ChemTreat has about 600 employees, including those in the Richmond area and at plants in Iowa and Texas and sales offices in 41 states and six foreign countries. The company said it had revenue of more than $200 million in its most recent fiscal year. Danaher, which trades on the New York Stock Exchange, reported profit of $1.1 billion on revenue of $9.6 billion in 2006. It owns companies that employ about 45,000 people and makes products including industrial and medical tools and instruments. Contact staff writer John Reid Blackwell at [email protected] or (804) 775-8123. To see more of the Richmond Times-Dispatch, or to subscribe to the newspaper, go to http://www.timesdispatch.com. Copyright (c) 2007, Richmond Times-Dispatch, Va. Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]