Israeli food and beverage company Strauss Group announced Sunday that it signed an agreement with Chinese home electronics firm Haier to establish a joint potable water venture in China, reported Reuters.
The joint company, Haier Strauss Water, will be co-owned by Strauss and Haier and each will make an initial investment of $10 million in the venture, according to a Strauss statement cited by Reuters.
The Israeli company said it plans to supply high-quality drinking water in China in 2011.
Strauss President and CEO Gadi Lesin was quoted as saying, "This partnership will leverage the combined know-how, capabilities and expertise of Strauss Water in developing water treatment and purification solutions, and the leadership position and reliability of Haier in marketing, distribution and service in China."
