Selling of US water monitoring division13 May 2020 11:31
I may have missed this in all the excitement of the development of MWG's membrane division, but do we know if MWG's US water monitoring division, liquidated in Aug 2019, is still a part of the business....and with the current developments with Covid-19 detection, could it now be brought out of liquidation if considered to be of future importance. For reference the Aug RNS follows:
'Modern Water, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, announces that it intends to restructure its group of companies with the aim of focusing on its innovative membranes process technologies.
The Company is in advanced negotiations to sell the assets of Modern Water Inc., the Company's US-based monitoring division. The boards of Modern Water Services Limited and Cogent Environmental Ltd have decided to appoint liquidators.
In keeping with the new strategy of focusing on its core innovative membrane process technologies, Modern Water has decided to retain control of Surrey Aquatechnology Limited, a subsidiary which holds most of the Group's patents.
Simon Humphrey, Modern Water's CEO, said: "We are working on overcoming our liquidity problems in order to retain a restructured business that can service our customers with world-leading innovative technologies."