PWT and Genesys become the H2O Innovation Specialty Chemicals Group, Expand Sales Force and Manufacturing Capacity
QUEBEC CITY, July 06, 2021 (GLOBE NEWSWIRE) — (TSXV: HEO) – H2O Innovation Inc. (“H2O Innovation” or the “Corporation”) is proud to announce that its two specialty chemical business lines, PWTTM and Genesys®, came together on July 1, 2021, to form the H2O Innovation Specialty Chemicals Group. The Corporation will increase at the same time its sales force with the addition of new territory managers and its manufacturing capacity in its Cheshire (UK) facility. While both entities will continue to exist in this new group, and there will be no changes to the current product portfolio, the new combined management structure will leverage the strengths of the leadership of Genesys and PWT.
It has been 18 months since H2O Innovation completed the acquisition of Genesys International Ltd, with the goal of eventually creating, with PWT, a single specialty chemicals group with a common vision. Mr. Steve Chesters will lead this team as Vice President and Managing Director, Ryan Furukawa will assume the role of Vice President – Technology, Matt Armstrong will become Vice President – Sales and Mazen Ellabban will take on the position of Global Mining Industry Manager.
“This new structure will bring the wealth of membrane knowledge that exists within both the PWT and Genesys sales, research and manufacturing teams to all our customers. They will also have access to a wider range of chemical products and services. We are of course committed to respect agreements currently in place as we look for every opportunity to bring the synergy of the combined group to the market through our distribution network”, stated Frédéric Dugré, President and Chief Executive Officer of H2O Innovation.
The specialty chemicals team has long considered the benefits of local presence in high-potential regions, such as Middle East and Asia. Starting July 1, 2021, Mr. Iqbal Ahmad will represent H2O Innovation in Southeast Asia. Iqbal has developed a tremendous level of expertise having worked extensively on significant projects across these regions in his long tenure in the water treatment industry. Currently based in New Zealand, he will be responsible for supporting growth of Genesys and PWT distributors, in part by continuing to implement the Corporation’s Key Account strategy. Further hires in North America as well as internationally are also expected by the end of the fiscal year.
The Corporation is also very excited to announce the expansion of operations in the Cheshire, UK, manufacturing facility. A project is underway that will nearly double the warehouse area, allowing the shop to manufacture PWT’s dendrimer-based antiscalant, which will continue to be manufactured in Vista, CA, USA, as well. The project will also expand the capabilities of blending both Genesys and PWT powder products to better serve European and Asian costumers, reduce shipping delays as well as freight costs and improve gross profit by insourcing its manufacturing.
“This project to expand our facility in the UK is a strategic move which reduces the risks associated with having a single point of manufacture for our dendrimer scale inhibitor. It will also allow us to be more competitive on the products we sell, to have better quality control, to enjoy better margins and to reduce our water footprint. We are working towards being able to manufacture all products from Genesys and PWT in either of our two locations. By manufacturing and blending the right products in the right location we will optimize freight and tariff costs”, added Gregory Madden, Chief Strategy Officer of H2O Innovation.
Certain statements set forth in this press release regarding the operations and the activities of H2O Innovation as well as other communications by the Corporation to the public that describe more generally management objectives, projections, estimates, expectations or forecasts may constitute forward-looking statements within the meaning of securities legislation. Forward-looking statements concern analysis and other information based on forecast future results, performance and achievements and the estimate of amounts that cannot yet be determined. Those forward-looking statements, based on the current expectations of management, involve a number of risks and uncertainties, known and unknown, which may result in actual and future results, performance, and achievements of the Corporation to be materially different than the said forward-looking statements, such as the ability for the Corporation to be successful in the integration of the combined specialty chemicals group, to be more competitive and to sell high-quality products at better gross margins. Information about the risk factors to which the Corporation is exposed is provided in the Annual Information Form dated September 23, 2020 available on SEDAR (www.sedar.com).
About H2O Innovation
Innovation is in our name, and it is what drives the organization. H2O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers. The Corporation’s activities rely on three pillars: i) Water Technologies & Services (WTS) applies membrane technologies and engineering expertise to deliver equipment and services to municipal and industrial water, wastewater, and water reuse customers, ii) Specialty Products (SP) is a set of businesses that manufacture and supply a complete line of specialty chemicals, consumables and engineered products for the global water treatment industry, and iii) Operation & Maintenance (O&M) provides contract operations and associated services for water and wastewater treatment systems. Through innovation, we strive to simplify water. For more information, visit www.h2oinnovation.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the NYSE Euronext Growth Paris accepts responsibility for the adequacy or accuracy of this release.
H2O Innovation Inc.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/28533380-9937-4764-a104-63a0a2655309