GLV secures 80.5% of Christ Water Technology’s voting shares

The transaction is set to close by the end of November.

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.