24 Jul 2018 07:00
24 July 2018
Amiad Water Systems Ltd.
("Amiad" or the "Company")
Amiad acquires full ownership of Indian subsidiary
Amiad India becomes wholly-owned subsidiary with acquisition of remaining 40% of shares
Amiad (AIM: AFS), a leading global producer of water treatment and filtration solutions, announces that it has acquired 40% of the issued and outstanding share capital of its subsidiary in India, Amiad Filtration Systems (India) Private Limited ("Amiad India"), from its local partner and now holds 100% of the shares of Amiad India. As part of the agreement, the local partner has stepped down as CEO and Director of Amiad India and the Company has appointed a new general manager of Amiad India, Milind Kothari, who brings with him many years of experience in management roles in the water industry in India.
Rationale for the acquisition
This investment reflects Amiad's confidence in the potential of the Indian market, and forms part of the Company's long-term strategy to acquire 100% ownership of its subsidiaries to have a local presence and to establish direct sales channels in competitive markets. In addition, as a result of the acquisition and management restructuring, Amiad India will be fully-aligned with the objectives of the Company and Amiad can leverage its strengthened position in both the Irrigation and Industrial segments in this key territory.
Dori Ivzori, Chief Executive Officer Amiad, said: "This investment reflects our belief in the sustained and growing market opportunity for Amiad in India. Since establishing a presence in India in 2009, we have significantly expanded our business, including setting up production activity, and this acquisition is the natural next step to fully leverage what we have developed and to further consolidate our global position in the provision of water filtration and treatment solutions."
Enquiries
Amiad Water Systems Ltd. | |
Dori Ivzori, Chief Executive Officer Irit Ben-Dov, Chief Financial Officer | +972 4 690 9500 |
Stifel Nicolaus Europe Ltd. | |
Stewart Wallace, Ben Maddison | +44 20 7710 7600 |
Luther Pendragon Ltd. | |
Harry Chathli, Claire Norbury | +44 20 7618 9100 |
About Amiad
Amiad Water Systems (AIM: AFS) is a leading global producer of automatic, self-cleaning water treatment and filtration products and systems. Through its engineering skills and ability to innovate, Amiad provides cost-effective "green" solutions for the industrial, municipal, irrigation, oil & gas and ballast water markets. In these segments its patented products are being integrated into the core of systems for filtration and water treatment, micro irrigation and membrane protection, wastewater and potable water treatment, cooling systems and sea water filtration.
Headquartered in Israel, Amiad provides these solutions through nine subsidiaries and a comprehensive network of over 170 distributors to customers in more than 80 countries.
For additional information or product details, please visit www.amiad.com.