US FIRM GOES INTO BOTTLED WATER MARKET IN CHINA

California-based Heckmann Corporation (Heckmann) has acquired China Water and Drinks (China Water) for US$625 million. While Heckmann is a US blank check company, China Water is a PRC licensed bottled water producer and distributor, which distributes to 14 provinces and regions across the country. The acquisition aims to capitalise on the massive potential of what is currently a fragmented and under-served bottled water market in China.

After the acquisition, China Water will operate as a wholly owned subsidiary of Heckmann under the leadership of Dick Heckmann, former CEO of US Filter. Heckmann will fund the acquisition of China Water with cash currently held in trust along with new shares to be issued.