Swiss engineering group, Sulzer, is buying Swedish wastewater supplier, Cardo Flow Solutions, for $931 million, Financial Times reports. The acquisition of the business from Assa Abloy will be funded with cash on hand and available debt.

The deal is expected to be completed in the second half of 2011, adds The Wall Street Journal. After the deal, the water and wastewater segment will account for about 16% of group sales. Sulzer is also said to be interested in the pumps business of the U.K.’s Weir Group.

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