GLV and Christ Water Technology Announce the Recent Award of Contracts
GLV Inc. and its Austria-based subsidiary Christ Water Technology AG are pleased to announce that CWT has been recently awarded several large contracts totalling over CA$67 M (€45 M) in North Africa and the Middle East to supply complete technological solutions in the areas of seawater desalination and drinking water treatment.
This development occurs two months after GLV’s acquisition of over 80% of the outstanding shares of CWT, one of the key advantages of which was to provide complementary technologies to those of GLV’s Water Treatment Group (Eimco Water Technologies or “EWT”) in several high-potential markets, such as seawater desalination.
Some of the new orders will be delivered over the next fiscal year ending March 31, 2011, but most will be completed in fiscal 2012. The largest, worth CA$35 M (€23 M), consists of the implementation of desalination and drinking water production plants in Northern Africa, and also includes a two-year facility operation contract. Richard Verreault, President and Chief Operating Officer of GLV, said that these parts of the world offer good potential for further contracts of this type, considering their demographic growth and specific needs for drinking water treatment. “In addition, the combination of CWT’s ultra-filtration, demineralization and process water recycling technologies, on the one hand, and EWT’s water intake screening solutions, on the other, will reinforce our positioning as a provider of complete solutions in this niche.”
Management also announces a new order worth over CA$5 M (€3 M) from a global producer of semi-conductors, a field in which CWT has developed recognized expertise and a significant business base. “Being awarded this contract not only confirms GLV’s entry, through CWT, into a new market segment, but it also attests to an improvement in market conditions and investments in the microelectronics industry,” added Mr. Verreault.
Source: Ovivo Inc.