Biwater Holdings Completes Sale Of U.K. Subsidiary - Biwater Services Limited
6 December 2010, News release from Biwater Plc
Biwater Holdings Limited ('BHL') has agreed to sell its U.K. based subsidiary Biwater Services Limited ('BSL') to MWH Constructors Limited, the U.K. construction arm of MWH Global Inc. ('MWH').
The sale of BSL will allow BHL to exit the regulated U.K. water market and focus its strategy on the core international business. The sale is part of wider strategic realignment for BHL and follows the disposal of its interest in Cascal N.V., the NYSE listed operator of water and wastewater treatment plants, in July 2010.
BSL is a wholly-owned subsidiary but substantially independent business unit of BHL based in Heywood, Manchester. The company acts as the holding company for Biwater Treatment Limited, Farrer Consulting Limited and BiProduct Recovery Limited.
Biwater Treatment Limited is a U.K. based engineering contractor in the water and wastewater treatment sector with a longstanding reputation for design and engineering excellence. The company is primarily active in designing and project managing the construction of water and wastewater treatment plants for regulated water companies across the U.K.
Farrer Consulting Limited provides outstanding construction design capabilities as well as being a leading authority on strategic infrastructure and environmental asset management for the water and wastewater, highways and rail sectors.
BiProduct Recovery Limited is a newly formed entity providing waste recovery and recycling services designed to utilise the beneficial properties of industrial by-products.
Larry Magor, Chief Executive of BHL, commented, "We are pleased to announce the sale of Biwater Services to MWH Global which completes Biwater Holding's period of strategic realignment. The company will continue with its successful core strategy of securing export and project financed projects in the international water and wastewater market.
Following the sale we look forward to maintaining our relationship with the Manchester team and working with MWH on future projects."
Bernard Armstrong, Chairman of BSL, stated, "We believe that a combination with MWH Global enhances our strong position in the U.K. water market and strengthens our service offering to our clients. We believe this combination will significantly benefit our longstanding clients during the current and future AMP cycles."
Robert Uhler, Chairman and Chief Executive Officer of MWH Global Inc., commented: "Together, we provide a broader range of skills to address the creation, management and optimization of existing wet infrastructure assets.
This is especially relevant recognizing changing, and sometimes conflicting, demands of energy, infrastructure rehabilitation, refurbishment, efficiency and carbon reduction. We have enhanced our ability to service the full asset life cycle of our clients from feasibility through commissioning and operation."
BHL was advised by Hawkpoint Partners and MWH Global was advised by Houlihan Lokey.
For further information please email Biwater Plc