Moen Takes Majority Stake in Smart Water Start-Up Flo Technologies

NUMBER ONE CONSUMER FAUCET BRAND AND INDUSTRY-LEADING START-UP WORKING TOGETHER TO PROVIDE BEST-IN-CLASS WHOLE-HOME WATER SECURITY AND MANAGEMENT SOLUTION

News provided by

Moen

Jul 08, 2020, 13:32 ET

NORTH OLMSTED, Ohio, July 8, 2020 /PRNewswire/ -- When it comes to smart technology, water was once the untapped frontier … but no more. Moen, the leader in water experiences in the home, today announces it has taken a majority ownership stake in Flo Technologies, one of the leading smart water management and leak detection companies in the United States.

Moen Takes Majority Stake in Flo Technologies

The new ownership stake is an evolution of the two companies' work together. They've already partnered to develop the Flo by Moen_™ Smart Water Security System, which provides homeowners with an innovative, smartphone-controlled security system that protects against leaks and water damage incidents, which are the leading cause of preventable homeowner insurance claims each year.*

Done in several phases, the deal accelerates Moen's ability to provide unparalleled water management services to consumers.

"The Flo by Moen System gives homeowners the power to understand and manage their water like never before – identifying drips and leaks sometimes as small as a drip a minute. Once you've experienced this unprecedented level of control over your water, the way you think about and experience water in your home is never the same," said Mark-Hans Richer, chief marketing and innovation officer, Moen.

Flo Technologies CEO Gabriel Halimi sees the potential in the partnership as a substantial opportunity for both companies and the next step in providing consumers with market-leading water security and management technology – delivering on the exceptional quality and innovation users have come to expect from Moen and Flo.

"Moen is the leader in water delivery in the home. We are the leader in water management in the home. Bringing the two together enables us to change the entire industry, combining Moen's more than 80 years of expertise with our technology to provide a whole-home water management solution that can help homeowners save money and avoid what is often the costliest and most life-disrupting disaster you can experience in your home," said Halimi.

Flo by Moen is just one of the products in Moen's portfolio of smart home offerings, which also includes the U by Moen^™ Smart Shower and Smart Faucet – both of which allow consumers to personalize their experience with water.

"Smart technology is the future when it comes to how people experience water in their homes, and we've invested heavily in innovation in this space to create products that enhance every element of that experience, from the water that flows through showerheads and faucets, to making sure no drop of water flowing through your pipes is wasted," added Richer. "Simply put, no one else is tackling whole-home smart water management like we are."

Combined with Moen's other connected products and innovations, the Flo by Moen System also supports the achievement of Moen's aggressive sustainability goal – known as Mission Moen – which is a commitment to save one trillion gallons of water by 2030.

"According to the EPA**, leaks in the home add up to nearly 1 trillion gallons of water wasted every year," noted Richer. "Through the Flo by Moen System, we're providing consumers with a product that offers substantial reductions in this useless waste and minimizes expense."

A recent study with Lexis Nexis* showed that one year following installation of the Flo by Moen Smart Water Shutoff, homes saw a 96 percent decrease in paid water leak claims compared to two years prior to installation – while control group home claims increased 10 percent in this same period.

"When you make water smart, smarter outcomes start happening. Our AI and Moen's scale and development will change the way people all over the world experience water," added Halimi.

To learn more about Moen, visit moen.com or call 1-800-BUY-MOEN (1-800-289-6636).

*https://risk.lexisnexis.com/insights-resources/white-paper/lexisnexis-flo-white-paper
**https://www.epa.gov/watersense/fix-leak-week

ABOUT MOEN
Moen is the #1 consumer faucet brand in North America, offering a vast array of stylish and innovative kitchen and bath faucets, showerheads, accessories, bath safety products, kitchen sinks, garbage disposals, leak detection products and connected home offerings for residential applications that give consumers more power than ever before to understand and control the water that flows through their homes. These thoughtful designs deliver an exceptional user experience and elevate the way people interact with water every day. In addition, Moen^®Commercial offers superior-performing products that can deliver lower lifetime costs for today's facilities.

Moen is part of Fortune Brands Home & Security, Inc. (NYSE: FBHS), which creates products and services that fulfill the dreams of home. Moen anchors the Global Plumbing Group (GPG), which also includes several brands under the House of Rohl^® including Perrin & Rowe^®, ROHL^®, Riobel^®, Shaws^® and Victoria + Albert^®. Fortune Brands' other brands include Master Lock^®and Sentry^® Safe security products, MasterBrand Cabinets^® and Therma-Tru^® entry door systems. Fortune Brands is part of the S&P 500 Index. For more information, please visit www.FBHS.com .