Just a little bolt on, but encouraging on my CCC & MPR positions
Xylem announces acquisition of PIMS Group of the U.K. to enhance service capabilities in water and wastewater markets  Press Release: Xylem Inc. – 30 minutes ago
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--
Xylem Inc. ( XYL), a leading global water technology company focused on addressing the world’s most challenging water issues, announced today that it has acquired PIMS Group, a privately held United Kingdom-based wastewater services company, for approximately $57 million. The actual terms of the transaction were not disclosed. PIMS generated revenue of approximately $38 million for the fiscal year ended April 30, 2012.
PIMS Group, based in Farnborough, is a national supplier of wastewater installation and maintenance services for the municipal, industrial and private sector markets. PIMS provides a 24/7 service capability from design and installation to service and maintenance of pumping systems, sewers and drains, oil interceptors and sewage treatment plants.
“The core of Xylem’s growth strategy is to leverage our large installed base to deliver advanced solutions and services that create peace of mind for our customers and help ensure that their operations are running optimally,” said Gretchen McClain, Xylem's president and chief executive officer. “In bringing PIMS Group into the Xylem family, we are accelerating this strategy by adding an industry-leading and differentiated service capability built on PIMS’ world-class talent, tools and processes.”
PIMS Group was founded in 1972 and has approximately 220 employees located throughout the U.K. The acquisition builds on a successful partnership between the two companies established in 2000 when Xylem (then the water-related business group within ITT Corporation) named PIMS Group a certified Contracting Partner of its Flygt submersible pumps.
In 2012, Xylem introduced Xylem TotalCare, a comprehensive, integrated portfolio of services – from design and consultancy to energy audits to supervisory services to maintenance contracts – to ensure that customers’ operations run at their best.
“The expertise and knowledge resident in PIMS Group will enable us to create a stronger platform for delivering Xylem TotalCare to customers in the U.K. and around the world,” added McClain.
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 White Plains, N.Y., with 2011 revenues of $3.8 billion and 12,500 employees 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.xyleminc.com |
