Pipe maker Uponor sells its share in Phyn joint venture to Belkin
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Uponor says it had only "limited synergies" in the Phyn JV, which offers water sensing and conservation technology.
Pipe maker Uponor Oyj is selling its shares in joint venture company Phyn LLC, which offers water sensing and conservation technology, to partner Belkin International Inc., a consumer electronics supplier.
The financial terms of the deal have not been disclosed.
Phyn was founded in 2016 as a joint venture between Uponor and Belkin, with both owning 50 per cent of the company.
“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 Corp. president and CEO Jyri Luomakoski said. “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.”
Uponor’s Canadian operation, Uponor Ltd., is headquartered in Mississauga, Ont.