Mumbai, July 15 (IANS) Global water technology company A.O. Smith Corporation on Monday announced the acquisition of Pureit from Hindustan Unilever for an undisclosed sum.
The acquisition is projected to close by the end of this year and is not expected to have a material impact on earnings in the first year, the company said in a statement.
Pureit offers a broad range of residential water purification solutions, primarily in India.
“The acquisition will also support our corporate strategy by enhancing our premium product portfolio and distribution capabilities,” said Kevin J Wheeler, Chairman and CEO, A.O. Smith.
A.O. Smith will announce its financial results for the second quarter on July 23 and additional details on the acquisition will be provided at that time.
“This move is in line with our strategic intent to focus sharply on our core categories. Pureit provides essential water purification solutions to millions of loyal consumers, and I am confident the brand will thrive further under the ownership of A.O. Smith,” said Rohit Jawa, CEO and managing director of Hindustan Unilever.
Based in Milwaukee, Wisconsin (US), A.O. Smith is a global leader in applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Hindustan Unilever was earlier exploring a potential sale of its Pureit water purifier business.
“The Pureit team’s deep understanding of consumer needs and water treatment expertise adds tremendous strength to A.O. Smith in India,” said Parag Kulkarni, President of A.O. Smith India Water Products.
–IANS
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