Oct 28, 2010

Waterite Technologies Acquires West Heat Industries' Water Product Lines

West Heat will become a standalone sales division of the company

Waterite Technologies Inc., headquartered in Winnipeg, Manitoba, Canada, announced that it reached an agreement to purchase all outstanding shares of West Heat Industries Ltd. for an undisclosed sum. West Heat, also located in Winnipeg, is a Canadian distributor of water bottles and caps, water coolers, water-dispensing accessories and general water treatment products. The closing date is expected to be Nov. 19.

West Heat’s electrical and radiant heating product lines were not included in the purchase and will be retained by the company’s current owners as an independent operation.

“This important acquisition allows Waterite to greatly expand its product offerings to water products and customers and to round out its extensive water treatment product lines,” said Paul Jacuzzi, president and CEO of Waterite. “Our combined customer base will benefit from the greater selection of quality products, technical resources and simplified logistics. For our combined companies it will mean greater purchasing power, lower overhead costs and new sales opportunities, leading to enhanced performance for our shareholders.”

West Heat will remain a standalone sales division of Waterite and continue to operate in it present office and warehouse. All West Heat water products personnel will be retained in the acquisition.