Waterlink, Inc. has entered into a non-binding letter of intent with a large, multi-national company to sell its Pure Water Division. The transaction is subject to satisfactory completion of due diligence, negotiating a definitive agreement, and obtaining certain required consents, and is anticipated to close within the next 60 days.
Because the transaction is subject to detailed due diligence and the negotiation of a definitive agreement, terms of the proposed transaction were not disclosed. All of the net proceeds from the sale will be used to reduce senior debt. Waterlink is being advised on the sale by TechKNOWLEDGEy Strategic Group, of Boulder, Colo.
Bill Vogelhuber, Waterlink's president and chief executive officer, commented, "The prospective sale of the Pure Water Division represents a significant step in the company's strategic alternative process that was initiated in May 2000. The closing of this transaction would enable us to further reduce debt and to focus all of our attention on our remaining Specialty Products businesses. Although the signing of a letter of intent is a significant step in this process, we can give no assurance that a definitive agreement will actually be signed or that the deal will close."
Waterlink is an international provider of integrated water and air purification solutions for both industrial and municipal customers. Waterlink's executive offices are located in Columbus, Ohio.
Source: Business Wire