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Rutter acquires marine firm

Engineering firm Rutter Inc. has bought German company OceanWaves for $3.1 million OceanWaves' radar-based technology is used for wave and surface current measurement.

Engineering firm Rutter Inc. has bought German company OceanWaves for $3.1 million OceanWaves' radar-based technology is used for wave and surface current measurement. "Acquiring this product and underlying technology both eliminates a significant development risk and creates new revenue generation opportunities," Rutter CEO Fraser Edison said. Rutter supplies technologies to the marine, defence, transportation and oil and gas sectors. Shares in the company were down half a cent at 3.5 cents on the TSX on Wednesday.