Kenosha-based Centrisys is once again 100% owned by one of its original American founders.
The company announced Tuesday that USA company leadership has successfully reacquired total ownership of Centrisys from Techcent, a Chinese company. The transaction closed on Dec. 31, 2021. Terms of the deal were not disclosed.
Centrisys builds centrifuges that are used in water and wastewater treatment, oil processing and recovery, food processing and biofuel plants throughout the world.
“This step is a tremendous opportunity to invest in our future. For our customers and suppliers, it creates certainty and predictability. For our employees, it offers greater stability and a prosperous future,” said Michael Kopper, founder and chief executive officer at Centrisys.
A native of Germany, Kopper founded Centrisys Corp. in Libertyville, Illinois in 1987 with a business partner. The company moved to Kenosha in 1999. Centrisys and Techcent formed a joint venture in 2007 which gave Centrisys access to new markets in Asia and lower cost manufacturing options. In 2015, Techcent purchased 80% of Centrisys. Kopper continued as chief executive officer of the company.
According to a press release, Techcent started experiencing financial troubles a few years following the acquisition. Global Water Intelligence reported in June 2021 that Techcent had been facing potential bankruptcy as result of its $595 million debt burden.
“The uncertainty associated with a financially distressed foreign parent company threatened viability of the Centrisys business and the job of about 100 Centrisys employees,” according to the release.
Due to these financial issues, Kopper sought guidance in re-acquiring 100% of his business. Through his re-acquisition of the business, Kopper said Centrisys has been able to eliminate “tens of millions of dollars” of debt. All employees were able to keep their jobs and Centrisys still has a business relationship with Techcent.
“We are now well positioned, both financially and operationally, to meet the increasing needs of our national and international customers. We are in full control, and our future is bright,” said Kopper.