Uponor closes intelligent water sensing technology joint ventures with Belkin

Uponor Corporation    Stock exchange release         13 July 2016   16:45 EET

 

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.

 

Uponor Corporation

Tarmo Anttila
Vice President, Communications
Tel. +358 20 129 2852

  

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Uponor is a leading international systems and solutions provider for safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure. The company serves a variety of building markets including residential, commercial, industrial and civil engineering. Uponor employs about 3,700 employees in 30 countries, mainly in Europe and North America. In 2015, Uponor's net sales totalled €1,050 million. Uponor is based in Finland and listed on Nasdaq Helsinki. www.uponor.com