The Montréal manufacturer of industrial valves Velan announced on Friday that it had accepted a purchase offer from the American group Flowserve in the amount of 329 million dollars.
“This agreement is the culmination of a comprehensive and robust process to consider strategic options aimed at maximizing shareholder value,” Velan Chairman James Mannebach said in a statement.
Founded in Montreal in 1950, Velan is one of the world’s leading manufacturers of industrial valves. The company is particularly active in the nuclear, cryogenics and defense sectors. It has 1,650 employees and factories in nine countries.
In the statement released Friday, Flowserve said it “plans to maintain a strong presence in Quebec, including maintaining Velan’s headquarters in Montreal.”
In 2019, a dispute broke out within the Velan family, which owns 72% of the company’s shares.
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