WILMINGTON, Del., Dec. 11, 2019 /PRNewswire/ -- DuPont (NYSE: DD) today announced it has signed an agreement to acquire Desalitech Ltd., a closed circuit reverse osmosis (CCRO) company. The transaction is expected to close in January 2020, subject to customary closing conditions and regulatory approvals. Financial terms of the agreement were not disclosed.
"As a global leader in innovative water solutions, we are committed to delivering ways to solve water challenges around the world," said Rose Lee, President, DuPont Safety & Construction. "This acquisition in the high-growth water purification space reinforces our strategic intent to provide a robust portfolio of technologies to meet our customers' current and future challenges while advancing our corporate commitment to sustainability."
DuPont is a leader in water purification and separation technology including ultrafiltration, reverse osmosis and ion exchange resins. The FilmTec™ brand is recognized globally and known for consistent and reliable performance. Each of the acquisitions announced this year, including Desalitech, supports our strategy to drive growth and innovation through access to new manufacturing capabilities, geographies and technologies.
Desalitech's globally patented and unique process technology, using standardized design and operated using proprietary software, enhances DuPont's portfolio with a compelling offering to further reduce the lifecycle cost of water purification and reuse. Desalitech has proven the value of these systems to deliver up to 90-98 percent water recovery at more than 200 blue chip customers over the past seven years.
"Water scarcity is a global challenge that all stakeholders need to solve with a sense of urgency to purify, conserve and reuse this precious resource," said HP Nanda, Global Vice President & General Manager, DuPont Water Solutions. "We look forward to working with OEMs, end users and value chain partners around the world, using business models such as technology licensing, system sales and fabrication partnerships to increase access to this technology."
"As a leader in reverse osmosis, with a large, global installed base and deep knowledge across many industrial and municipal applications, DuPont is the perfect home for Desalitech and its disruptive CCRO technology," said Nadav Efraty, CEO and Chairman, Desalitech. "As part of DuPont, we will have an exponentially greater impact on global water scarcity with many more partners and users able to access this efficient, resilient and flexible water purification and reuse technology."
About DuPont Safety & Construction DuPont Safety & Construction is a global leader in delivering innovation for life's essential needs in water, shelter and safety; enabling its customers to win through unique capabilities, global scale and iconic brands including DuPont™ Corian®, Kevlar®, Nomex®, Tyvek®, GreatStuff™, Styrofoam™ and FilmTec™. More on DuPont Water Solutions can be found at https://www.dupont.com/water.
About DuPont DuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. More information can be found at www.dupont.com.
About Desalitech Desalitech is helping leading industrial and municipal water users boost their financial, environmental and operational performance and competitiveness. With our partners and customers, we are creating a paradigm shift in Reverse Osmosis water efficiency and reliability, saving the world from water scarcity and making water purification, reuse and desalination affordable and sustainable. More information can be found at www.desalitech.com
Cautionary Statement Regarding Forward Looking Statements This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.
On April 1, 2019, the company completed the separation of its materials science business into a separate and independent public company by way of a pro rata dividend-in-kind of all the then outstanding stock of Dow Inc. (the "Dow Distribution"). The company completed the separation of its agriculture business into a separate and independent public company on June 1, 2019, by way of a pro rata dividend-in-kind of all the then outstanding stock of Corteva, Inc. (the "Corteva Distribution").
Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) ability and costs to achieve all the expected benefits from the Dow Distribution and the Corteva Distribution (together, the "Distributions"); (ii) restrictions under intellectual property cross license agreements entered into in connection with the Distributions; (iii) non-compete restrictions agreed in connection with the Distributions; (iv) the incurrence of significant costs in connection with the Distributions, including costs to service debt incurred by the Company to establish the relative credit profiles of Corteva, Dow and DuPont and increased costs related to supply, service and other arrangements that, prior to the Dow Distribution, were between entities under the common control of DuPont; (v) risks related to indemnification of certain legacy liabilities of E. I. du Pont de Nemours and Company ("Historical EID") in connection with the Corteva Distribution; (vi) potential liability arising from fraudulent conveyance and similar laws in connection with the Distributions; (vii) failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes, including meeting conditions under the Letter Agreement entered in connection with the Corteva Distribution, related to the transfer of certain levels of assets and businesses; (viii) uncertainty as to the long-term value of DuPont common stock; (ix) potential inability or reduced access to the capital markets or increased cost of borrowings, including as a result of a credit rating downgrade and (x) other risks to DuPont's business, operations and results of operations including from: failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including tariffs, trade disputes and retaliatory actions; impairment of goodwill or intangible assets; the availability of and fluctuations in the cost of energy and raw materials; business or supply disruption, including in connection with the Distributions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for DuPont, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce DuPont's intellectual property rights; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management's response to any of the aforementioned factors. These risks are and will be more fully discussed in DuPont's current, quarterly and annual reports and other filings made with the U.S. Securities and Exchange Commission, in each case, as may be amended from time to time in future filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont's consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" (Part II, Item 1A) of DuPont's Quarterly Report on Form 10-Q filed on October 31, 2019 as may be modified by DuPont's subsequent quarterly reports on Form 10-Q and current reports on Form 8-K.
DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, ℠ or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.