Mutual of Omaha Selling Water Subsidiary to Bolster Insurance Core
An English company has bought the assets of Mutual of Omaha's water purification subsidiary, the Omaha company said this week.
Waterlogic International Ltd. of London, which makes and sells water distilling equipment, is acquiring innowave inc. Terms were not disclosed.
Mutual chairman and chief executive Dan Neary said his company is trying to bolster its insurance core, so it had been looking for a way to exit the water business. It started innowave in 1996.
A Mutual news release said innowave's 15 employees would be moving on with the new ownership and be relocating out of Mutual's headquarters to elsewhere in Omaha.
The deal is expected to close May 5.
Waterlogic products will be distributed by its new North American subsidiary, which will be called innowave USA LLC.
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