Mueller Water Products, an American publicly traded company, announced on Monday that it entered a definitive agreement to acquire Krausz Industries, an Israeli manufacturer of pipe couplings, grips and clamps, for $140 million in cash.
Headquartered in Tel Aviv, Krausz develops innovative products under the HYMAX brand for the global water and wastewater industries. The company employs 300 people worldwide.
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The transaction is expected to close in December 2018 and Krausz will become part of Mueller Water Products’ Infrastructure segment.
“The Krausz name has a strong legacy and is known for its high quality products in the US and internationally,” said Scott Hall, president and CEO of Mueller Water Products in a statement. “The addition of pipe connection and repair to our solution portfolio enables us to address an even broader scope of needs within the water infrastructure system, while expanding our global presence.”
Krausz Industries CEO Danny Krausz said: “We are excited to join an organization that shares our values of engineering excellence, innovation and customer service..We are proud of the company we’ve built and we believe becoming a part of Mueller will benefit our employees and customers. We look forward to the next chapter as we continue to design and build mission-critical and innovative products and technologies for the water industry.”