The Federal Trade Commission wants more information about Kent-based Flow International's proposed purchase of rival Omax Corp.
The Federal Trade Commission is taking a closer look at Kent-based Flow International’s plan to acquire a rival manufacturer of industrial waterjet machines.
Flow said Friday it will “respond promptly” to the FTC’s request for additional information and documents concerning its proposed purchased of Omax Corp., also in Kent. The regulatory agency is reviewing the purchase under the Hart-Scott-Rodino antitrust act.
Flow announced in December it planned to pay about $109 million in cash and stock for the smaller firm, with potential additional payouts to Omax shareholders in two years of up to $26 million.
Although Flow is the leading maker of complete waterjets and Omax is its largest rival, Flow CEO Charley Brown said in December that there are more than 80 companies that sell such systems, used to cut metal, plastic, stone and glass.
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