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Pacific Water & Drinks (HK) Group Limited, owned by Jon Olafsson, co-founder and Chairman of Icelandic Water Holdings Ltd, announced it has completed the acquisition of certain current operations of China Water & Drinks which consists of nine companies in the People’s Republic of China and Hong Kong from Heckmann Corporation (NYSE: HEK, HEK.WS). China Water & Drinks currently has operations in East and Southeast China. The new acquisition builds on Pacific Water & Drinks commitment to the Chinese market as the company now holds operations in strategic regions in Greater China, such as Hong Kong, Shanghai, Guangzhou and Xian.
“We are extremely pleased to announce our recent acquisition of China Water & Drinks,” says Jon Olafsson. “This is a central component to Pacific Water & Drinks, and combined with our seasoned distribution and bottling experience, this will allow us to capitalize on the extraordinary opportunities that are available in the Chinese markets.”
China Water & Drinks will continue to operate and build on their ongoing success in China by combining with Pacific Water & Drinks Group’s diversified experience in the beverage market worldwide. Current customers of China Water & Drinks include beverage giants such as Coca Cola, Uni-President as well as local retail and foodservice customers.
Richard J. Heckmann, Chairman and Chief Executive Officer of Heckmann Corporation, stated, “We have built a solid platform with great potential and believe Jon Olafsson and Pacific Water & Drinks have the right ingredients to develop it further. The sale of these operations is a good match for Jon, and one which enables us to turn our focus exclusively on our U.S. water operations growth opportunity.”
As a leader in one of the world’s largest and fastest growing beverage markets, Pacific Water & Drinks (HK) Group Limited will have an extensive footprint. The new acquisition will provide total production capacity of over 1.3 billion bottles per year and employ over 1,150 people in peak season.
About Pacific Water & Drinks
Pacific Water & Drinks (HK) Group Limited is a fully integrated beverage company focused on producing and distributing quality beverages in Greater China. Through its headquarters in Hong Kong, the company owns companies across Eastern and South-Eastern China with pre-form making, bottle blowing, bottling of water, juices and tea, packaging, sales and distribution capabilities.
About Heckmann Corporation
Heckmann Corporation (NYSE: HEK, HEK.WS) is a services-based company focused on total water solutions for shale or “unconventional” oil and gas exploration. The Company’s water solutions for energy development segment is called Heckman Water Resources, or HWR, and includes water disposal, trucking, fluids handling, treatment and pipeline transport facilities, and water infrastructure services for oil and gas exploration and production companies. Through these operations, HWR offers an integrated and efficient full service water program for hydraulic fracturing operations.