TIDMWTL
RNS Number : 5145Q
Waterlogic PLC
07 November 2012
7 November 2012
Waterlogic Plc
("Waterlogic" or the "Company")
Joint Venture with Eureka Forbes Ltd to manufacture and market
water purification products adapted to the Indian residential and
business market
Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer
and global distributor of point-of-use ("POU") drinking water
purification and dispensing systems, is today pleased to announce
that it has signed a joint venture agreement with Eureka Forbes Ltd
("Eureka Forbes"), a leading player in the consumer durables
industry, Asia's largest direct selling organisation and the market
leader in residential water purification systems.
A new company has been created with equal shareholdings between
Waterlogic and Aquamall Water Solutions Ltd (the wholly-owned
manufacturing division subsidiary of Eureka Forbes) called
Aquaignis Private Ltd ("Aquaignis" or the "Joint Venture").
The Joint Venture will manufacture and market water purification
products specifically suited to both Indian residential consumers
and business customers. The products will be sold in India through
Eureka Forbes' extensive sales network, which includes the largest
and most highly developed direct sales network for water dispensing
systems in Asia, as well as market-leading retail and commercial
channels. Additionally, products will be manufactured for export
sales by both Waterlogic globally and by Eureka Forbes in selected
territories outside of India.
All relevant products will carry the Firewall(TM) branding, to
denote the use of Waterlogic's ultra-violet ("UV") purification
technology.
Aquaignis will begin manufacturing products incorporating
Waterlogic's filtration and purification technologies, at a new
manufacturing facility in Dehradun, in the northern state of
Uttarakhand, India, which is due to open in H2 2013. Prior to the
manufacturing facility gearing up for full production, Eureka
Forbes will sell selected Waterlogic products manufactured and
imported from the Company's main production centre in Qingdao,
China.
Waterlogic's Firewall(TM) UV technology is one of the most
effective water purification technologies for POU water dispenser
applications currently on the market and its dispensers are
certified by the Water Quality Association as being able to
guarantee 99.9999% pure and safe water, meeting U.S. EPA standards,
100% of the time. Furthermore, the Water Quality Association has
certified the technology to the NSF 55A standard for Ultraviolet
Microbiological Water Treatment Systems as well as the P231
protocol for microbiological water purifiers, meeting the health
and sanitation standards of the U.S. Environmental Protection
Agency.
Jeremy Ben-David, Waterlogic, Group CEO, commented:
"We are excited to be working with an Indian super-brand like
Eureka Forbes, an organisation that is already well respected for
bringing cutting edge innovation to the market. Waterlogic's
Firewall(TM) UV technology is one of the most effective water
purification technologies for POU water dispenser applications
currently on the market and the technology is certified by the
Water Quality Association as being able to guarantee pure and safe
water meeting U.S. EPA standards 100% of the time. We are certain
that it will be a valuable addition to Eureka Forbes' offering in
multiple markets. We look forward to reporting on further progress
in due course."
Suresh Lal Goklaney, Executive Vice Chairman of Eureka Forbes,
said:
"The Joint Venture ensures a close relationship between Eureka
Forbes and Waterlogic for the manufacturing and marketing of water
purification products, leveraging the complementary skills and
technologies of both our organisations to strengthen an already
leading presence in both the Indian residential and workplace
markets. This gives us a significant customer proposition, far
ahead of any of our competitors."
Dr. Raman Venkatesh, Aquaignis Board Member and Eureka Forbes'
CEO of Technology & Corporate Development Vertical, added:
"Following a year of discussions with Waterlogic and our
detailed evaluation of their water hygiene technologies and
globally accepted product range, Eureka Forbes is excited to make
the unique Firewall(TM) UV purification system accessible to its
valued customers in India and other markets through Aquaignis."
Enquiries:
Waterlogic Plc Tel: +44 (0)20 7074 1800
Jeremy Ben-David, Group Chief Executive Officer Email: waterlogic@kreabgavinanderson.com
Eureka Forbes
Marzin Shroff, Senior Vice President - Marketing and CEO - Direct Sales Tel: +91 22 3044 9888
Email: marzin@eurekaforbes.com
Liberum Capital (Nominated Adviser and Broker) Tel: +44 (0)20 3100 2000
Steve Pearce
Richard Bootle
Kreab Gavin Anderson (PR Adviser to Waterlogic) Tel: +44 (0)20 7074 1800
Email: waterlogic@kreabgavinanderson.com
James Benjamin
Madeleine Palmstierna
For more information visit:
www.waterlogic.com
www.eurekaforbes.com
Notes to editors
Eureka Forbes Ltd
Eureka Forbes is a Rs15 billion multi-product, multi-channel
corporation operating through over 250 offices in major cities with
over 8000 employees and is a part of the Shapoorji Pallonji Group.
Eureka Forbes owns the Aquaguard(R) Superbrand, is a Harvard
Business School Case Study, is a four-time winner of Asian MAKE
(Most Admired Knowledge Enterprise) award and is amongst the top 10
best employers in India.
Eureka Forbes is a leading player in the consumer durables
industry, having a presence across the water purification and
hygiene cleaning sectors. The major products marketed are the
Euroclean Vacuum Cleaner and the Aquaguard water purifier.
Eureka Forbes is Asia's largest direct selling organisation -
its 7,000 strong direct sales force reach 2.6 million Indian homes
in a year, adding 1,800 customers daily. It primarily sells
residential and industrial water purifier systems, residential and
industrial vacuum cleaners, home security systems and air
purifiers. Based on its success in India, Eureka Forbes has spread
its wings globally to over 29 countries.
Eureka Forbes continuously challenges its own performance and
seeks global level recognition by submitting their products to the
most stringent tests in world class laboratories. Eureka Forbes has
always been a true "Friend for Life" for its customers.
Waterlogic Plc
Waterlogic Plc (AIM: WTL.L) is a leading designer, manufacturer
and distributor of mains attached point-of-use ("POU") drinking
water purification and dispensing systems designed for environments
such as offices, factories, hospitals, hotels, schools, restaurants
and other workplaces. Waterlogic is a Jersey registered company.
Waterlogic's products and services are built on the simple vision
of a three stage approach to purity:
1. Filtration to remove unwanted contaminants, chlorine and
other water-borne tastes and odours.
2. Waterlogic's Firewall(TM) ultra-violet (UV) technology is one
of the most effective water purification technologies for POU water
dispenser applications currently on the market and its dispensers
are certified by the Water Quality Association as being able to
guarantee 99.9999% pure water 100% of the time, a fact which has
been confirmed by over 5,000 physical tests in independent
laboratories. The innovative Firewall(TM) technology incorporates a
highly-specialised, compact UV system in the faucet/tap, which
ensures that water passes through the UV system immediately before
it is dispensed into a cup. This point of differentiation for
Firewall(TM) is unique in the POU market.
3. BioCote silver antimicrobial protection. Plastic surfaces
surrounding dispensing areas of Waterlogic units are infused with a
silver additive called BioCote, a natural anti-microbial that
inhibits the growth of microorganisms, giving yet another layer of
hygienic defence.
Founded in 1992, Waterlogic was one of the first companies to
introduce POU systems to Europe and has been a leader in the POU
market in terms of product design and quality, the application of
new technologies and in sales and service. Waterlogic has an
extensive and expanding independent global distribution network in
place, reaching 52 countries around the world.
Waterlogic products are currently being sold in North and South
America, Europe, Asia, Australia and South Africa. Waterlogic's
leading markets are the USA and Western Europe, in particular
Germany, France, Scandinavia and the UK. Of the 1.9 million new POU
and bottled water installations in the business-to-business market
in the USA and Europe between 2005 and 2011, approximately 73%
incorporated POU technology.
The Directors believe that the movement away from bottled water
coolers (BWC) to POU water dispensers is set to continue its
current trend as a result of cost, convenience, health benefits and
environmental considerations.
For the financial year ended 31 December 2011, the Group
generated revenues and adjusted EBITDA (adjusted for share based
incentives expense, capital reorganisation related costs and
acquisition related costs) of USD 84.9 million and USD 13.4
million, respectively, and had approximately 595,000 machines
installed as at 30 June 2012.
As part of Waterlogic's on-going commitment to providing safe
water, the Group has pledged to donate USD 225,000 over the next
three years to WaterAid. WaterAid is a renowned international
non-profit organisation that transforms lives by improving access
to safe water, hygiene and sanitation in the world's poorest
countries. Since 1981 WaterAid has reached 15.9 million people
globally with safe water. Website: www.wateraidamerica.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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