Hitachi Zosen to purchase Osmoflo Holdings
Japan-based Hitachi Zosen has entered into a share sale and purchase agreement to acquire the majority of shares in Osmoflo Holdings.
Financial details have not been disclosed.
Upon completion of procedures, desalination and industrial water treatment utilising membrane technology such as reverse osmosis provider Osmoflo, will become a Hitachi Zosen subsidiary.
Founded in 1991, Osmoflo designs, manufactures, supplies, operates, maintains, and retails water treatment systems in various regions such as Australia, the Middle East, South America, and South East Asia.
The agreement involves integration of Osmoflo's technology, especially reverse osmosis with Hitachi Zosen's plant engineering technology and experience in the multi-stage flash method.
It is expected that this move will improve Hitachi Zosen's international opportunities in the desalination and industrial water treatment business.
Hitachi Zosen intends to boost the operations at overseas bases, as a part of its new medium-term management plan Hitz Vision I and also to enhance synergy with Osmoflo for its sustainable growth.
Under the terms of the agreement, Hitachi Zosen will purchase by cash consideration 70% of the outstanding shares of Osmoflo Holdings, which are held by Shine Investments and Shine Investments International.
The remaining 30% of shares will continue to be held by Marubeni Group division Marubeni Water Australia, while Hitachi Zosen will operate Osmoflo’s business.
Image: Osmoflo reverse osmosis. Photo: courtesy of BusinessWire/Hitachi Zosen Corporation.