Creates Strategic Partnership with a
Leading Provider of Contaminant Destruction Technology
WALTHAM,
Mass., Nov. 13, 2024 /PRNewswire/ -- Veralto
Corporation (NYSE: VLTO) (the "Company"), a global leader in
essential water and product quality solutions dedicated to
Safeguarding the World's Most Vital Resources™, announced an
investment of approximately $15
million to establish a minority interest in Axine Water
Technologies, a leading provider of electrochemical oxidation
technology for contaminant destruction.
Axine's electraCLEAR solution provides simple, safe, efficient,
and cost-effective destruction of organic contaminants in
pharmaceuticals and industrial wastewater, including long and
short-chain PFAS.
Veralto's Water Quality segment provides one of the most
comprehensive portfolios of water analytics and advanced water
treatment solutions to help customers manage, test, treat, and
protect our global water supply, from municipal treatment
facilities and industrial processes to lakes, rivers, watersheds,
and oceans.
The strategic collaboration with Axine builds upon Veralto's
diverse portfolio of water solutions for customers. Veralto's
minority position in Axine includes a commercial agreement in
North America with the Company's
Trojan Technologies business aimed at increasing Axine's customer
reach, expanding its presence in municipal and industrial markets
and scaling its technology.
"Our Water Quality operating companies have a proven track
record of developing and commercializing technologies that help
customers detect and destroy emerging contaminants. A key part of
our growth strategy in Water Quality is developing fit-for-purpose
solutions to help our customers meet complex challenges," said
Jennifer L. Honeycutt, President and
Chief Executive Officer of Veralto. "We believe Axine's
electrochemical oxidation technology provides a promising solution
for difficult-to-treat organic contaminants, and our strategic
partnership is aligned with our commitment to helping deliver clean
water."
"We have a history of treating wastewater, allowing our clients
to focus on their valuable core products. I am excited about
Verlato's investment and partnership, which we believe will help
position Axine to grow in municipal and industrial markets and
deliver greater value to customers" said Mark Ralph, CEO of Axine Water
Technologies.
ABOUT VERALTO
With annual sales of $5 billion, Veralto is a global leader in
essential technology solutions with a proven track record of
solving some of the most complex challenges we face as a society.
Our industry-leading companies with globally recognized brands are
building on a long-established legacy of innovation and customer
trust to create a safer, cleaner, more vibrant future.
Headquartered in Waltham,
Massachusetts, our global team of 16,000 associates is
committed to making an enduring positive impact on our world and
united by a powerful purpose: Safeguarding the World's Most
Vital Resources™.
ABOUT AXINE WATER TECHNOLOGIES
Axine Water
Technologies is a leading provider of electrochemical oxidation
technology for industrial wastewater treatment. Axine's
electraCLEAR™ offers cost-effective complete destruction of long-
and short-chain PFAS. With over 150,000 hours of full-scale
commercial operating experience since 2017, their
treatment-as-a-service model addresses compliance with current and
future regulations.
FORWARD-LOOKING STATEMENTS
Certain statements in this
release, including the statements regarding Axine Water
Technologies, the Company's differentiation and positioning to
continue delivering sustainable, long-term shareholder value and
any other statements regarding events or developments that we
believe or anticipate will or may occur in the future are
"forward-looking" statements within the meaning of the federal
securities laws. All statements other than historical factual
information are forward-looking statements, including, without
limitation, statements regarding: projections of revenue, expenses,
profit, profit margins, tax rates, tax provisions, cash flows,
pension and benefit obligations and funding requirements, Veralto's
liquidity position or other financial measures; Veralto's
management's plans and strategies for future operations, including
statements relating to anticipated operating performance, cost
reductions, restructuring activities, new product and service
developments, competitive strengths or market position,
acquisitions and the integration thereof, divestitures, spin-offs,
split-offs or other distributions, strategic opportunities,
securities offerings, stock repurchases, dividends and executive
compensation; the effects of the separation or the distribution on
Veralto's business; growth, declines and other trends in markets
Veralto sells into; new or modified laws, regulations and
accounting pronouncements; future regulatory approvals and the
timing thereof; outstanding claims, legal proceedings, tax audits
and assessments and other contingent liabilities; future foreign
currency exchange rates and fluctuations in those rates; general
economic and capital markets conditions; the anticipated timing of
any of the foregoing; assumptions underlying any of the foregoing;
and any other statements that address events or developments that
Veralto intends or believes will or may occur in the future.
Additional information regarding the factors that may cause actual
results to differ materially from these forward-looking statements
is available in our SEC filings, including our 2023 Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. These
forward-looking statements speak only as of the date of this
release and except to the extent required by applicable law, the
Company does not assume any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events and developments or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/veralto-invests-in-axine-water-technologies-302303679.html
SOURCE Veralto