Company Website:
http://www.xyleminc.com
RYE BROOK, N.Y. -- (Business Wire)
Xylem Inc. (NYSE:XYL), a leading global water technology company
dedicated to solving the world’s most challenging water issues,
announced today the divestiture of its Wolverhampton, United
Kingdom-based valves business, Xylem Flow Control Limited, to Rotork
plc, a leading actuator manufacturer and flow control company, for
approximately U.S. $25 million (£18 million).
The business, part of Xylem’s Applied Water Systems (AWS) Growth Center,
provides a wide range of pneumatic and hydraulic valves and related
products to original equipment manufacturers, primarily in the oil and
gas sector.
"This sale enables us to focus more sharply on our strategic core
businesses and our strengths as a water technology focused company,”
said Patrick Decker, president and CEO of Xylem. "At the same time, this
business is a strong fit with Rotork’s portfolio and leading brands. I
am confident that this business will benefit from its integration into
Rotork’s portfolio and alignment with their long-term goals."
For more than 60 years, the valves business has been a leading supplier
to the oil and gas industry through a number of well-recognized, global
brands – Midland-ACS, Alcon, and Landon Kingsway. In 2013, the business
reported sales of U.S. $25 million (£14.9 million).
About Xylem
Xylem (XYL) is a leading global water technology provider, enabling
customers to transport, treat, test and efficiently use water in public
utility, residential and commercial building services, industrial and
agricultural settings. The company does business in more than 150
countries through a number of market-leading product brands, and its
people bring broad applications expertise with a strong focus on finding
local solutions to the world’s most challenging water and wastewater
problems. Xylem is headquartered in Rye Brook, New York, with 2013
revenues of $3.8 billion and more than 12,500 employees worldwide. Xylem
was named to the Dow Jones Sustainability World Index for the last two
years for advancing sustainable business practices and solutions
worldwide.
The name Xylem is derived from classical Greek and is the tissue that
transports water in plants, highlighting the engineering efficiency of
our water-centric business by linking it with the best water
transportation of all -- that which occurs in nature. For more
information, please visit us at www.xylem.com.
Contacts:
Xylem Inc.
Media
Jennifer Jacob, +1-914-323-5745
jennifer.jacob@xyleminc.com
or
Investors
Phil
DeSousa, +1-914-323-5930
phil.desousa@xyleminc.com
Source: Xylem Inc.
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