GLV completes Christ Water Technology acquisition

80.5% of the shares of Christ Water Technology were tendered by shareholders into GLV’s voluntary takeover bid during the tender period which ended on 17 November 2009, for a cash consideration of C$85 million. GLV continues to purchase Christ Water Technology shares on the secondary market. As of 27 November 2009 GLV owned 83.1% of Christ Water Technology's voting shares.

The process of combining Christ Water Technology with GLV’s Water Treatment Group (Eimco Water Technologies) will start early in December 2009. GLV’s management estimates that restructuring costs of between C$20 million–30 million will be incurred over the next two years to combine the two organizations and bring Christ Water Technology’s profitability and operating efficiency in line with GLV’s current internal working guidelines.

GLV management estimates that the process of combining Christ Water Technology with Eimco Water Technologies will provide GLV with additional revenues of approximately C$275 million during the first full fiscal year following the transaction. The transaction is expected to have a positive impact on GLV’s earnings per share as of fiscal 2011.