4 Nov 2015
Hyflux, through its wholly-owned subsidiary Hyflux Consumer Products Pte Ltd, has signed an agreement to eventually acquire a 30% stake in consumer water technology company, Kaqun Europe Zrt, for US$8 million.
Kaqun Europe was launched in 2002 and pioneered a water with beneficial properties that promote overall wellbeing. Developed from more than 10 years of research in water science and technology, this water forms the basis of all products within the Kaqun line including baths, bottled water and skincare. The brand is available in Europe and the US through direct sales and distributors.
Hyflux will integrate its proprietary technology together with Kaqun Europe for a product line that it has exclusive rights to manufacture, sell, market and distribute under the brand name ELO in the Asia-Pacific, the Middle East and Africa, through a newly established entity called Elo Water Pte Ltd. Hyflux Consumer will own a 70% stake in Elo while Kaqun Europe will own the remaining 30%. The application of Hyflux’s expertise will help to optimise the efficacy of the water and scale up the business.
Executive Chairman and Group CEO Ms Olivia Lum said, “We are delighted to add ELO products to our consumer portfolio. It has a unique proposition that gives it great potential for growth. More importantly, it is focused on wellbeing and improving quality of life which is a commitment Hyflux shares.”
“We see increasingly attractive opportunities in the consumer segment as consumers take greater interest in and responsibility for their own health. By combining our expertise in water, we will be able to bring continuous innovation to the brand that will enable us to take it to greater heights,” said Ms Lum.