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Global water technology company A.O. Smith Corporation on Friday announced the completion of the acquisition of FMCG major HUL's water purification business Pureit.
HUL, in a regulatory filing, said it has "completed the sale and divestment of its water purification business carried under the brand Pureit'." Pureit offers a broad range of residential water purification solutions across India, Bangladesh, Sri Lanka, Vietnam and Mexico, among others.
HUL in July this year announced the sale of its water purification business to AO Smith India Water Products for USD 72 million (about Rs 600 crore), as part of a global transaction by its parent Unilever.
While AO Smith Corporation, in a statement had said the purchase price would be approximately USD 120 million in cash, subject to customary adjustments.
Commenting on the completion of the acquisition, A. O. Smith Chairman and CEO K J Wheeler said, "This acquisition aligns with our strategy of adding scale and enhances our premium water treatment product portfolio and distribution footprint.
In 2023-24, the water purification business turnover was estimated at Rs 293 crore, less than 1 per cent of HUL's turnover.
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AO Smith India Water Products President Parag Kulkarni said: "We are excited to welcome Pureit to the A. O. Smith family. Pureit's history of providing effective water purification solutions has made it a leader in the water industry.
"Together, we will elevate our brand and expand our reach and impact across South Asia.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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