Global water technology company AO Smith Corporation (NYSE: AOS) announced on Monday that it has signed an agreement to acquire Pureit from Unilever. Pureit offers a broad range of residential water purification solutions, primarily in India. The acquisition of Pureit is projected to close by the end of 2024 and is not expected to 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 will double our market penetration in South Asia. The acquisition will also support our corporate strategy by enhancing our premium product portfolio and distribution capabilities,” said Kevin J Wheeler, chairman and chief executive officer.
“The Pureit brand, known for innovative water purification products, strong brand recognition, and dedication to customer service, complements AO Smith’s geographic and channel presence. The Pureit team’s deep understanding of consumer needs and water treatment expertise adds tremendous strength to AO Smith in India, and we look forward to welcoming the Pureit team to the A. O. Smith family,” said Parag Kulkarni, president of AO Smith India Water Products.
Rohit Jawa, chief executive officer and managing director of Hindustan Unilever, commented, “This move is in line with our strategic intent to focus sharply on our core categories. Pureit provides essential water purification solutions to millions of loyal consumers, and I am confident the brand will thrive further under the ownership of AO Smith.”
AO Smith will release its second-quarter 2024 financial results before the market opens on Tuesday, 23 July, and host a webcasted conference call at 10 a.m. (Eastern Time). Additional details on the acquisition will be provided at that time.
Celebrating its 150th year of business, A. O. Smith Corporation, with headquarters in Milwaukee, Wisconsin, is a global leader applying innovative technology and energy-efficient solutions to products manufactured and marketed worldwide. Listed on the New York Stock Exchange (NYSE: AOS), the Company is one of the world’s leading manufacturers of residential and commercial water heating equipment and boilers, as well as water treatment products.
