Xylem and the European Investment Bank (EIB) finalize €120 million research and product development
Xylem and the European Investment Bank (EIB) finalize €120 million research and product development financing partnership
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Xylem Inc. (NYS: 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."
About Xylem
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 www.xyleminc.com.
Xylem Inc.
Jennifer Jacob, +1-914-323-5745
Jennifer.Jacob@xyleminc.com
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
The article Xylem and the European Investment Bank (EIB) finalize €120 million research and product development financing partnership originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
