Techcross environmental enterprise ambitions
In a bid to expand its ballast water treatment systems to land-based operation, Korean-based Techcross has acquired former LG Electronics' subsidiaries, LG Hitachi Water Solutions and HiEntech.
This contract enables Techcross, which has been in the ballast water treatment business, to grow into a comprehensive environmental company with newly added land-based water treatment business.
“Techcross, which started as a small start-up company in the past, has risen to the world’s number one position in the ballast water treatment system market through continuous investment in R&D and human resources," explained Techcross's chief executive, Wayne Park. "The two companies, new family members of Techcross, also achieved remarkable results in the shortest period of time and have potential to take a leap in sales by increasing external orders," he added.
LG Hitachi Water Solutions, an environmental facility design and construction company, posted sales of US$350m in the previous year, and HiEntech, a water treatment and management company, had sales of US$227m.
With sales expected to exceed US$170m, Techcross intends to achieve a sound profit and intermediate-term goal of US$420m through increasing orders and business efficiency. In addition, Techcross holds patent and original technology for electrodes, a key component of electrolysis water treatment technology, giving the scope for future development.
LG Hitachi Water Solutions and HiEntech will be renamed Techcross Water & Energy Inc. and Techcross Environmental Services Inc. respectively.
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