Texas Company Buys Oil Filtration Firm
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IRVINE — American ECO Corp. in Houston said Monday that it completed its acquisition of Separation and Recovery Systems Inc. in Irvine for 777,778 shares of ECO common stock--a value of $6.8 million based on Monday’s closing price of $8.75 a share.
SRS, which had revenue of $12.6 million last year, makes and distributes oil separator and filtration systems for oil and petrochemical tankers, as well as in major oil refineries.
SRS’ president, Joseph De Franco, will continue to manage the firm’s operations from the Irvine facility, and its chairman, Frank Sorg, will join ECO’s board.
American ECO provides construction, maintenance, demolition and environmental remediation services in the refining, petrochemical, manufacturing and utility industries.
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