ATS signs deal to buy water purification company Avidity Science for $265 million

CAMBRIDGE, Ont. – ATS Corp. has signed a deal to buy Avidity Science LLC, a designer and manufacturer of automated water purification solutions for biomedical and life science applications, for $265 million.

Based in Waterford, Wisc., Avidity has customers including pharmaceutical, biopharma, health care, government and academic research facilities.

Avidity employs about 380 people across six facilities in the United States, United Kingdom, China and Japan.

ATS says the deal will help boost its life sciences business and aligns with other acquisitions it has made.

The acquisition is expected to close in the fourth of this year.

ATS says it plans to fund the deal with cash and by drawing on its revolving credit facility.

This report by The Canadian Press was first published Sept. 22, 2023.

Companies in this story: (TSX:ATS)