Last updated on July 2nd, 2019 at 09:20 pm
Brown Deer-based Badger Meter Inc. has acquired a new technology from Precision Flow Measurement Inc. for $2 million.
The water meter company revealed in an SEC filing this week it purchased a steam vortex technology from the Manalapan Township, New Jersey-based company, doing business as Nice Instruments, on Oct. 20.
Badger Meter’s preliminary figures indicate the equipment and inventory was worth $15,000, intangible assets such as customer technology were worth $700,000 and goodwill contributed $1.3 million to the transaction.
With the purchase, Badger Meter added new technology for steam measurement in its HVAC product line.
“It’s one of the technologies that we haven’t had and that we’ve always wanted to get into,” said Rich Meeusen, president, chairman and chief executive officer of Badger Meter. “So it will just be a nice addition to our product portfolio.”
The acquisition did not have a material impact on Badger Meter’s financial statements, and the results of Nice’s operations were included in its financial statements from the date of the acquisition.
Meeusen said it doesn’t have any sales yet because Badger Meter is still working to produce the new technology.
“We are still working on industrializing the technology and it is our intention to bring it into the market this year,” he said. “It will be manufactured at our Racine location.”
The vortex technology has applications in the food processing, chemical and HVAC sectors, Meeusen said. He expects it will be in production by this summer, and could eventually create jobs in Racine.