Milford, MA, Monday, June 8, 1998—Waters Corporation (NYSE:WAT) has purchased a 100% stake in Waters India Pvt. Ltd. officially making it a wholly-owned subsidiary of Waters. The subsidiary will represent the company’s HPLC and HPLC/MS interests in India and the Indian subcontinent including Bangladesh, Sri Lanka, and Nepal. The general manager of Waters India Pvt. Ltd. is Mr. K. V. Venugopalan.
Waters made the announcement at a dedication ceremony for a newly-constructed two-story, 30,000 square foot office complex in Peenya, Bangalore on May 28. Like a lot of multi-national companies, Waters is taking advantage of a 1997 law permitting foreign companies 100% ownership rights of subsidiaries in India. Waters had shared ownership of the subsidiary since 1987 with members of the Bagaria family which sold its 60% stake to Waters for an undisclosed sum. The subsidiary will employ 85 persons and will be responsible for selling, marketing, servicing, and supporting Waters instrument and chemical products throughout India. In addition to the Bangalore headquarters, Waters will operate regional offices in Bombay, Calcutta, and Delhi. The Bangalore facility will also manufacture the company’s model 515 HPLC Pumps and certain HPLC columns.
In remarks made to journalists and Waters customers at the inauguration ceremony, Mr. Arthur Caputo, Waters Senior Vice President for Worldwide Marketing and Sales said, "With a 100% ownership of Waters Pvt. Ltd., Waters is extending its commitment to its customers and employees in India. Our Indian employees now have free access to Waters resources worldwide including infrastructure technology, sales and service training, application support, and career development and advancement opportunities. At the same time, working closely with our Indian colleagues, Waters can execute the business strategies that have proved successful in other parts of the world. This involves transferring new products, implementing corporate programs, and understanding the needs of our Indian customers more effectively than before."
In other news, Mr. Caputo revealed the company is re-evaluating its plans for the Tiger HPLC product which it began selling in India in 1996. "The Alliance System has been well-received by our Indian customers and we feel the needs of these customers are no different than customers elsewhere. The market for performance-based instruments here is large and growing," said Caputo.
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For 40 years, the Waters (NYSE:WAT) name has been synonymous with superior quality, innovation, and leadership in HPLC. As the largest company in the industry devoted to HPLC , thermal analysis, and mass spectrometry, Waters had $461M in revenue in 1997. Waters now has the largest installed base of HPLC systems and components with 35 offices serving customers in over 48 countries. Waters serves many industries including the pharmaceutical, chemical, food and beverage, environmental, and university marketplaces. Sixty-two percent of the company’s 1996 revenue originated outside the United States. We invite you to visit our site on the World Wide Web at http://www.waters.com for more news and information.
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