Xylem and the European Investment Bank (EIB) finalize €120 million research
and product development financing partnership
WHITE PLAINS, N.Y. -- January 24, 2013
Xylem Inc. (NYSE: XYL), a leading global water technology company focused on
addressing the world’s most challenging water issues, has today signed a $158
million (€120 million) financing agreement with the European Investment Bank
to fund innovative and aspirational research and development (R&D) projects
across Europe. The deal underscores the EIB’s involvement in the water sector
and is part of the The Risk Sharing Finance Facility(RSFF) initiative run by
the EIB and the European Commission to promote R&D in the European Union.
Representatives of Xylem and the EIB convened today in Luxembourg to
commemorate the formal signing of the agreement.
The funds will be available from 2013 to 2014 as loans to finance the research
and development of solutions to a range of complex challenges facing the water
industry, including developing new innovative and sustainable products and
services for biological water treatment, desalination, filtration and
disinfection as well as improving the control of such processes. The research
projects will take place at Xylem’s facilities in the U.K., Germany, Italy,
Austria, Sweden, Norway and Hungary.
“We are proud to be partners with the European Investment Bank on this
exciting initiative,” said Gretchen McClain, Xylem’s president and CEO.
“Innovative and pioneering research is at the very heart of what Xylem does.
As global leaders in water, our mission is to play a leading role in solving
the multifaceted issues we all face in securing a sustainable water supply.
This partnership with the EIB will enable us to invest considerably in
market-leading research over the next two years.”
“With the financing that is now in place, Xylem will be able to enhance their
knowledge and expertise in the field of water and wastewater handling
technologies,” said EIB Vice President Jonathan Taylor. “This is of particular
importance, as one of the EIB’s goals is to increase the potential of the
European knowledge economy.”
Xylem (XYL) is a leading global water technology provider, enabling customers
to transport, treat, test and efficiently use water in public utility,
residential and commercial building services, industrial and agricultural
settings. The company does business in more than 150 countries through a
number of market-leading product brands, and its people bring broad
applications expertise with a strong focus on finding local solutions to the
world’s most challenging water and wastewater problems. Xylem is headquartered
in White Plains, N.Y., with 2011 revenues of $3.8 billion and 12,500 employees
worldwide. In 2012, Xylem was named to the Dow Jones Sustainability World
Index for advancing sustainable business practices and solutions worldwide.
The name Xylem is derived from classical Greek and is the tissue that
transports water in plants, highlighting the engineering efficiency of our
water-centric business by linking it with the best water transportation of all
-- that which occurs in nature. For more information, please visit us at
Jennifer Jacob, +1-914-323-5745
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