Tuesday, January 6, 2009

Advanced Combustion Technology bought for $22M

By Efrain Viscarolasaga

Illinois-based pollution control technology developer Fuel Tech Inc., formerly based in Stamford, Conn., has completed its $22 million acquisition of Hooksett, N.H.-based Advanced Combustion Technology Inc.

The deal, originally announced in December, gives Fuel Tech (Nasdaq: FTEK) an immediate presence in the combustion modification market and expands the firm’s NOx control product portfolio. Advanced Combustion Technology, which engineers and installs systems for combustion modification and post-combustion NOx control, employs 14 people and reported revenue of $21 million in 2007, with a current backlog of $11 million.

Peter Marx, former president of ACT, will remain with the new entity as senior vice president -- Advanced Combustion Technologies, reporting to Fuel Tech president and CEO John Norris Jr. Robert Pickering and Charles Trippel, also former principals of ACT, will both hold the title of vice president of Fuel Tech, reporting to Marx.

In the wake of the deal, Fuel Tech has also reorganized its U.S. and Canadian sales forces. Fuel Tech was formerly a Dutch incorporated company known as Fuel-Tech NV, with its headquarters located in Connecticut.
 
Founded in 1987, Advanced Combustion Technology is an industrial engineering firm focused on low emissions burners and combustion systems for industrial coal, gas and oil-fired boilers.