Uponor sells its share in the joint venture Phyn

Uponor Corporation     Investor news     13 August 2021     18:00 EET

Uponor sells its share in the joint venture Phyn

Uponor and Belkin International, Inc. have signed a share purchase agreement for the sale of Uponor’s shares in Phyn, a water sensing and conservation technology company, to Belkin. Phyn was founded in 2016 as a joint venture between Uponor and Belkin, with both owning 50% of the company. The parties have agreed not to disclose the purchase price. Uponor booked an impairment on Phyn’s valuation in its Q2 results.

“These five years have proven that Phyn is on the right path with its water leakage detection technology, yet market adoption has not reached the targeted levels. Uponor has not been able to leverage its strong presence in the wholesale channel optimally. Having only limited synergies with our building solutions businesses, we have decided to sell our stake in Phyn to Belkin,” comments Jyri Luomakoski, President and CEO, Uponor Corporation.

Uponor Corporation
Susanna Inkinen
Vice President, Communications and Corporate Responsibility
Tel. +358 20 129 2081

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Uponor in brief
Uponor is rethinking water for future generations. Our offering, including safe drinking water delivery, energy-efficient radiant heating and cooling and reliable infrastructure, enables a more sustainable living environment. We help our customers in residential and commercial construction, municipalities and utilities, as well as different industries to work faster and smarter. Uponor employs about 3,700 professionals in 26 countries in Europe and North America. In 2020, Uponor's net sales totalled approximately €1.1 billion. Uponor Corporation is based in Finland and listed on Nasdaq Helsinki. www.uponorgroup.com