Korn and TGWT, which had already been bound for several years by an intellectual property sharing contract, decided to join forces to accelerate their conquest of the world. The boiler water treatment chemicals market is projected to grow from USD 2.68 Billion in 2017 to USD 4.35 Billion by 2022, at a CAGR (compound annual growth rate) of 10.1% from 2017 to 2022 according to a recent MarketsandMarkets™ report. This transaction, approved by TGWT’s Board of Directors in May 2017, was aimed at strengthening TGWT’s shareholder structure by adding a strategic industrial partner. Korn GmbH thus acquired the shares of a portion of the minority shareholders.
“There are many synergies following this agreement, particularly in terms of market development through the pooling of our partner and distributor networks in North America and Europe,” said Louis-Philippe Cloutier, Chairman and CEO of TGWT. “Our research and development collaboration will also increase. Several operational aspects can be shared to strengthen and develop best practices for the benefit of our customers,” added Moritz Haltermann, Chairman and CEO of Korn GmbH.