MFRI sells filter plant, completes refocus of business

NILES - MFRI said it has sold its filter production site in Winchester, Virginia, completing the steps needed to refocus its business portfolio on its piping businesses.

Financial terms of the sale were not announced.

"In 2013 we embarked on a journey to reduce the company's portfolio of diversified businesses and concentrate on key business assets with superior positioning in our principal markets," said CEO Bradley Mautner. "Since that time, we have accomplished the sale of our industrial cooling business, our mechanical service business, and, most recently, all of our domestic and international filtration businesses.

"In total, we generated over $50 million of gross proceeds from this series of transactions," he added. " These proceeds together with results from operations enabled us to reduce MFRI's debt - net of cash - from approximately $40 million at the beginning of fiscal year 2013/14 to a net of zero at the end of July 2016."