MILWAUKEE, Nov. 1, 2024
/PRNewswire/ -- Global water technology company A. O. Smith
Corporation (the "Company") (NYSE: AOS) today announced it has
completed its acquisition of Pureit, a Unilever PLC business at a
purchase price of approximately $120
million, subject to customary adjustments. Pureit offers a
broad range of residential water purification solutions, primarily
in India.
"Pureit complements our premium brands in the market and their
strength in e-commerce will allow us to expand our presence in that
channel," said Kevin J. Wheeler, the
Company's chairman and chief executive officer. "This acquisition
aligns with our strategy of adding scale and enhances our premium
water treatment product portfolio and distribution footprint."
Pureit was first launched in 2004 in Chennai, India, to provide accessible and safe
drinking water to the fast-growing populations of South Asia, and beyond. Today Pureit is a
leading water purification business operating in India, Bangladesh, Sri
Lanka, Vietnam and
Mexico, among other markets, with
a diversified product offering across devices, filters and
spares.
The agreement to acquire Pureit was announced earlier this year
and the acquisition will not have a material impact on earnings in
the first year. Click here to view release.
Forward-looking Statements
This release contains statements that the Company believes
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally can be identified by the use of words such as
"may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "forecast," "continue," "guidance," "outlook" or words
of similar meaning. All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those anticipated as of the date of this release.
Important factors that could cause actual results to differ
materially from these expectations include, among other things, the
following: further softening in U.S. residential and commercial
water heater demand; negative impacts to the Company, particularly
the demand for its products, resulting from global inflationary
pressures or a potential recession in one or more of the markets in
which the Company participates; the Company's ability to continue
to obtain commodities, components, parts and accessories on a
timely basis through its supply chain and at expected costs;
negative impacts to demand for the Company's products, particularly
commercial products, as a result of changes in commercial property
usage that followed the COVID-19 pandemic; further weakening in
North American residential or commercial construction or
instability in the Company's replacement markets; inability of the
Company to implement or maintain pricing actions; inconsistent
recovery of the Chinese economy or a further decline in the growth
rate of consumer spending or housing sales in China; the availability, timing or effects of
China stimulus programs; negative
impact to the Company's businesses from international tariffs,
trade disputes and geopolitical differences, including the
conflicts in Ukraine, the
Middle East and attacks on
commercial shipping vessels in the Red Sea; potential further
weakening in the high-efficiency gas boiler segment in the U.S.;
substantial defaults in payment by, material reduction in purchases
by or the loss, bankruptcy or insolvency of a major customer;
foreign currency fluctuations; the Company's inability to
successfully integrate or achieve its strategic objectives
resulting from acquisitions; failure to realize the expected
benefits of acquisitions or expected synergies; competitive
pressures on the Company's businesses, including new technologies,
new competitors and the timing and impact of regulatory changes;
the impact of potential information technology or data security
breaches; negative impact of changes in government regulations or
regulatory requirements; the inability to respond to secular trends
toward decarbonization and energy efficiency; and adverse
developments in general economic, political and business conditions
in key regions of the world. Additional factors are discussed in
the Company's filings with Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year
ended December 31, 2023, quarterly
reports on Form 10-Q and current reports on Form 8-K.
Forward-looking statements included in this news release are made
only as of the date of this release, and the Company is under no
obligation to update these statements to reflect subsequent events
or circumstances. All subsequent written and oral forward-looking
statements attributed to the Company, or persons acting on its
behalf, are qualified entirely by these cautionary
statements.
About A. O. Smith
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. For more information, visit
www.aosmith.com.
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SOURCE A. O. Smith Corporation