Amiad Water Systems Ltd Acquisition of Amiad India (5105V)
July 24 2018 - 2:00AM
UK Regulatory
TIDMAFS
RNS Number : 5105V
Amiad Water Systems Ltd
24 July 2018
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
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Stifel Nicolaus Europe Ltd.
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Stewart Wallace, Ben Maddison +44 20 7710 7600
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Harry Chathli, Claire Norbury +44 20 7618 9100
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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.
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END
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