A.O. Smith to buy Asian water purification business Pureit in $120M deal
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A.O. Smith (NYSE:AOS) said Monday it agreed to acquire southeast Asian residential water purification company Pureit from Unilever (UL) for $120M in cash.
Pureit has ~$60M in annual sales, primarily in India, although A.O. Smith (AOS) said it does not expect the acquisition will have a material impact on earnings in the first year.
“We believe the addition of Pureit will strengthen our leadership position as a global supplier of premium water treatment products and double our market penetration in South Asia,” Chairman and CEO Kevin Wheeler said.
Unilever Home Care (UL) said the sale will help the company continue to evolve its portfolio towards higher-growth spaces, in line with its Growth Action Plan.