Matrix Service Company (Matrix) has completed the acquisition of Baillie Tank Equipment (BTE), an internationally-based company with nearly 20 years of experience in the design and manufacture of products for use on aboveground storage tanks. The acquisition was funded with cash on hand. Going forward, the business will be known as Matrix Applied Technologies.
"Matrix has a long standing reputation as the leader in the design, construction, maintenance and repair of aboveground storage tanks, making this acquisition a natural extension of our service offerings," said John R. Hewitt, President and Chief Executive Officer of Matrix. "BTE's people, products and processes match our own exacting standards for quality and customer service and, as such, we are now able to provide our customers with a complete line of proven, high quality solutions for aboveground storage tank product needs."
Founded in 1998, BTE is a premier provider of FlowDomeTM geodesic domes, aluminium internal floating roofs, floating suction and skimmer systems, roof drain systems, floating roof seals and more. The company is headquartered in Sydney, Australia with manufacturing facilities in Seoul, South Korea. Its customer base spans more than 85 countries, with annual revenues approaching US$20 million.
The new entity, Matrix Applied Technologies, is the recently formed products division of Matrix that will bring state of the art products to the operating segments served by the company's various subsidiaries. Matrix Applied Technologies' initial focus is on aboveground storage tank products and appurtenances, supported by ongoing engineering, research and development.
"The completion of this transaction marks another critical step in the strategic development of Matrix Service Company and we are excited about the opportunities our new team members will bring to our overall business," said Hewitt.
Adapted from press release by Francesca Brindle
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