A high-profile high-tech company in Vernon is on the verge of being sold.
There is an agreement for Watts Water Technologies of North Andover, Mass. to acquire tekmar Control Systems, with the deal likely being completed within the next week or two.
“Tekmar is a very fine company and we have long admired then in the marketplace,” William McCartney, Watts Water Technologies chief financial officer, told The Morning Star.
Tekmar designs and manufactures control systems for heating, ventilating and air conditioning devices, while Watts Water manufactures water control products.
“The future of the plumbing and heating industry requires more electronic controls which tekmar does,” said McCartney of his company’s interest in the North Okanagan business.
Tekmar had annual revenues of about $11 million in 2011, and there are about 65 employees at its Silver Star Road operation.
McCartney expects the acquisition will provide opportunities for tekmar long-term.
“Hopefully it will grow faster than it has been growing. We remain committed to the facility and the workforce there,” he said, adding that no changes are anticipated.
“It is a well-run facility and nothing immediate is planned.”
Tekmar was founded in 1980 by Kurt Knuever, his daughter Ulrike and son-in-law Don Gibbs.
Look for more details in Wednesday’s Morning Star.