By the OGJ Online Staff
HOUSTON, Apr. 2�Enerchem International Inc., Nisku, Alta., Monday announced it has finalized its purchase of all issued and outstanding shares of Trysol Canada Ltd. for $10 million, subject to post-closing adjustments.
Enerchem issued 1.2 million shares worth $3.6 million and paid $6.4 million in cash (OGJ Online, Feb. 6, 2001). Trysol�s headquarters and laboratory are in Calgary and its fluid processing plant is in Sundre, Alta.
Trysol develops and manufactures well servicing fluids that address environmental and worker safety concerns. In its latest fiscal year, Trysol reported revenues of $25 million.
Larry B. Phillips, Enerchem president and CEO, said, �This acquisition doubles Enerchem's size and accelerates its growth in the western Canadian marketplace. The transaction is highly accretive to our operating earnings.�
Enerchem International is an oilfield services company.