The investment arm of The InterTech Group Inc. has increased its ownership of a maker of gauges and other industrial instruments.
A trust run by company CEO Anita Zucker disclosed Monday that it acquired 985,200 shares of Titan Logix Corp. for about $1 million.
The purchase gives North Charleston-based InterTech a 12.84 percent stake in the Canadian company. Its nearly 3.3 million shares were valued about $3.36 million in U.S. currency as of Monday. The stock does not pay a dividend.
The trust said in a statement that it added to its holdings in Titan Logix “for investment purposes” and that it “may acquire additional shares ... subject to price and availability.”
Titan Logix is based in Edmonton, Alberta. Founded in 1979, it develops and makes gauges, meters and other measuring instruments for industries that deal in fluids, including petroleum companies, waste collectors and chemical makers. The company reported net income of about $2.9 million in U.S. dollars on revenue of about $18.6 million in its last fiscal year.
Family-owned InterTech previously was a large, longtime stockholder in a similar Canadian manufacturer called Galvanic Applies Sciences, said Robert Johnston, executive vice president and chief strategy officer. That manufacturer went private in 2013, and was a ”tremendous investment,” he said Tuesday.
“This company looks a lot like that one,” Johnston said.
He also said Titan Logix has plenty of cash on its balance sheet and no debt. Also, the stock trades at an attractively low multiple based on its per-share earnings, Johnston said.
“We understand the industry already,” he said.
Contact John McDermott at 937-5572.