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KIT unit buys US water management solutions provider
AN indirect wholly-owned subsidiary of Keppel Infrastructure Trust (KIT) has finalised the acquisition of a source water management solutions provider from the US.
The subsidiary, Ixom Watercare Inc, has bought Medora Environmental for an undisclosed amount. Ixom Watercare is wholly-owned by Australian chemicals group Ixom Group, which is in turn wholly-owned by KIT.
Medora, meanwhile, is based in North Dakota and provides source water treatment services to over 110,000 municipal water sources across North America. It provides water treatment and wastewater sector products related to source water, wastewater and potable water treatment.
Ixom group chief executive Paul Atkinson said the integration of Ixom and Medora will allow them to offer more products and end-to-end services to customers along the water value chain.
Ixom has also appointed Greg Chirieleison as executive vice-president of source watercare to lead the newly expanded operation, effective in March 2020. Mr Chirieleison previously held senior roles such as Asia managing director for Hayes International.
KIT said the transaction is not expected to have any material financial impact on its distribution per unit for the financial year ending Dec 31, 2020.
KIT units closed flat at S$0.525 on Monday.