Yorba Linda-based Cortech Engineering LLC has been acquired by Houston-based industrial equipment wholesaler DXP Enterprises Inc.
Cortech is a distributor of pumps and related process equipment for the municipal, water and waste-water, general industrial, chemical and marine markets. It generated revenue of about $26 million for the 12 months through July.
Financial terms of the acquisition were not disclosed.
Cortech has and about 55 employees and locations in Bakersfield and National City in addition to its headquarters in Yorba Linda.
DXP Senior Vice President of Corporate Development, Kent Yee, said Cortech’s current employees will “be welcomed to the DXP team,” according to a press release. He said the acquisition gives DXP access to a region it previously had not been able to serve.
DXP has a market cap of $432 million. Its shares were up slightly, trading at $30.36, as of market close today.
