P&G buys domestic water filter company

COIlSUDl~~ product giant,

Proctor & Gamble (P&G) is

to takeover Cincinnati-based

Recovery Engineering, Inc., which

makes household drinking water

systems and filters, in an all-cash

deal worth US$265 million.

The deal values Recovery

Engineering shares at more than

US$35 each and is estimated to

have a minimal effect on P&G’s

annual earnings in 2000 and 200 1,

i.e. reduction of less than one

pence/year. Thereafter, the

acquisition is expected to add to

earnings.

The purchase of Recovery

Engineering will give Minneapolis-

based Proctor & Gamble a strong

foothold in the water filtration

market that is estimated to be

worth US$l.2 billion, and is

growing fast. The offer has been

approved by the board of directors

of both companies and the deal is

expected to be completed within

the next few weeks.

Recovery Engineering is one of

the world’s leading manufacturers

of consumer drinking water

systems, sold under the PUR brand

name. The company entered the

household water filtration market

four years ago and since then has

focused on research, producing a

number of advanced water

filtration technologies,

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Filtration & Separation October 1999