Intelligent Water Sensing Technology Partnership Agreement
Published on by Water Network Research, Official research team of The Water Network in Technology
Uponor closes intelligent water sensing technology joint ventures with Belkin
Uponor Corporation and Belkin International, Inc. have today completed the partnership agreement, announced on 25 May 2016, and formed a joint venture company both in the United States and in Europe.
The new joint venture, named Phyn, develops water sensing and conservation technology both for consumers and to the building industry.
Uponor will initially invest $15 million in exchange of a 37.5% shareholding in the companies. The investment will impact Uponor’s cash flow in the third quarter 2016 but it has no impact on Uponor’s profit guidance for 2016. Uponor has an option to increase its ownership to 50% at a later stage.
As a minority-owned business, the joint venture company will be consolidated into Uponor’s financial accounts using the equity method.
Source: Nasdaq
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