Lonza sells water care biz Platinum Equity $630 mn
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Lonza sells water care biz to Platinum Equity for $630 mn

6:18 AM, 2nd November 2018
Cooling towers circular.
Industrial water treatment.

BASEL, SWITZERLAND/ LOS ANGELES, US: Lonza has entered into a definitive agreement with Platinum Equity to sell its water care business and operations for $630 million. The agreement is expected to close in the first quarter of 2019.

Headquartered in Alpharetta, US, water care has six manufacturing facilities in key regions, including North America, South America, EMEA and South Africa, with sales locations in all regions globally and with approximately 1,200 employees.

The business is a leading provider of innovative water treatment solutions and a top global consumer brand in residential pool care and key positions in high-growth industrial and municipal water care markets.

Platinum Equity operates each of its portfolio companies independently and will apply this approach to the water care business with the goal of creating long-term, sustainable value. water care's business unit head Christian Wichert and his experienced management team will continue to lead the business, the company said.

“We are putting the water care business in the hands of an experienced owner who will develop water care as a stand-alone business while focusing on innovation and further growth. We believe that we have found the optimal partner for the business to give new perspectives to the global sites and its employees," said Richard Ridinger, CEO of Lonza.

"The divestment further strengthens our strategic focus on our three core pillars – pharma & biotech, consumer health and consumer & resources protection – within the healthcare continuum,” added Ridinger.

"We are looking forward to working with water care's experienced management team to further grow the business and strengthen its unique positioning in residential pool care and industrial water markets around the world. Lonza's water care business has tremendous value as a standalone company,” said Jacob Kotzubei. Platinum Equity Partner.

Citi is acting as financial advisor and Jenner & Block LLP as legal advisor to Lonza. Gibson, Dunn & Crutcher LLP is acting as legal advisor to Platinum Equity.

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