EnWave Corp. (TSX-V:ENW), the Vancouver company that developed a microwave-based alternative to freeze-drying food, has announced plans to buy a majority share of a German dehydration equipment maker.
EnWave has made a bid to acquire an 86.5% controlling interest in Hans Binder Maschinenbau GmbH, which makes dehydration equipment, for two million euros ($2.6 million). The deal is expected to close at the end of this month.
The two companies have worked together on a number of commercial projects, according to John McNicol, EnWave's president and co-CEO.
"We have worked together with the Binder family and their management team since 2009 and are very excited to be combining our skills and strengths at such a pivotal time. Binder's proven innovative nature, quality engineering and more than 60 years of machine building expertise in the drying industry should help increase the confidence for EnWave's growing list of multinational customers to order REV [radiant energy vacuum] technology in the future."
EnWave developed an alternative to freeze-drying food that combines vacuum pressure and microwave energy, which makes for a high-speed, low-temperature dehydration process. The process is also used in the pharmaceutical industry. The company licenses the technology to food processing companies.
Using EnWave's patented process, the merged company will build turnkey dehydration plants for food companies switching from freeze drying to microwave vacuum technology.
