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China Water and Drinks Acquires 67% Stake in Guangzhou Grand Canyon

Posted on: Friday, 20 June 2008, 09:00 CDT

China Water and Drinks has acquired 67% ownership of Guangzhou Grand Canyon Distilled Water, a producer and distributor of pure distilled and mineral bottled water in China, for an aggregate purchase price of approximately $19.1 million in cash.

China Water also announced that Xu Hongbin, the current founder, chairman and president of China Water, has assumed the additional role of CEO.

Dick Heckmann, chairman and CEO of Heckmann Corporation, said: "Xu Hongbin has been with China Water since its inception, and we are very pleased to have him take on the additional role of CEO. We had previously announced that Xu Hongbin would become CEO of China Water and Drinks, which will be a wholly owned subsidiary of Heckmann upon consummation of the transaction, and thus we are confident in his abilities to assume this new role."

In May 2008, Heckmann and China Water announced that they had signed a definitive agreement under which Heckmann would acquire China Water. The closing of the transaction is subject to customary closing conditions, including approval of the acquisition agreement by the stockholders of both companies.

Source: Datamonitor

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