Uponor and Belkin International have signed a share purchase agreement for the sale of Uponor’s shares in Phyn, a water sensing and conservation technology company, to Belkin. Phyn was founded in 2016 as a joint venture between Uponor and Belkin, with both owning 50% of the company. The parties have agreed not to disclose the purchase price. Uponor booked an impairment on Phyn’s valuation in its Q2 results.
“These five years have proven that Phyn is on the right path with its water leakage detection technology, yet market adoption has not reached the targeted levels," said Jyri Luomakoski, president and CEO, Uponor Corp. "Uponor has not been able to leverage its strong presence in the wholesale channel optimally. Having only limited synergies with our building solutions businesses, we have decided to sell our stake in Phyn to Belkin."