2024-11-01 21:09:07 :
Water technology company AO Smith India has completed the acquisition of Pureit, the water purification business of Hindustan Unilever.
HUL announced the completion of the sale and divestment process of Pureit in a regulatory filing on Friday.
“..The Board of Directors approved the sale and divestment of the company’s water purification business carried out under the “Pureit” brand, including the trademark, copyright and other intellectual property rights and identified assets and contracts related to the business, as a going concern during the economic downturn. HUL “Our target is to sell to AO Smith India Water Products Private Limited,” the document said. “
“The company has completed the sale and divestment of the Pureit brand water purification business on November 1, 2024,” it added.
In July, HUL announced the sale of its water purification business to AO Smith India for approx. $601 core ($72 million) in regulatory filings. Pureit’s water purification business has a turnover of $293 crore for the financial year ending March 31, 2024.
HUL’s water purification business is part of the company’s overall home care business and the company does not track its net worth separately, according to regulatory filings.
AO Smith aims to expand influence
AO Smith, which announced the completion of the acquisition of Pureit for approximately $120 million, said in a statement on Friday that the project will be subject to customary adjustments.
Kevin J. Wheeler, chairman and chief executive officer of AO Smith, said: “Pureit complements our premium brands in the market and their strength in e-commerce will allow us to expand our presence in this channel.”
“This acquisition is consistent with our strategy to gain scale and strengthens our premium water treatment product portfolio and distribution footprint,” he added.
Pureit was launched in 2004 in Chennai. It aims to provide convenient and safe drinking water to people in South Asia and beyond. The brand currently operates in countries including India, Bangladesh, Sri Lanka, Vietnam and Mexico.
Pureit offers a diverse range of products such as water purifiers, related equipment, filters and spare parts. AO Smith India Seafood Products Private Limited is a subsidiary of AO Smith Corporation of the United States.
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