Hi Alonso,Water treatment, where Demem sits, is a very mature...

Hi Alonso,

Water treatment, where Demem sits, is a very mature market with lots of players and also one where customers are very reluctant to try new technologies.

Their unique technologies are only unique in how they solve a problem, not unique in being able to solve a problem.

Their acquisitions have been good in that they add to the revenue/ebit but they have been acquired based on geographical location more than technical synergies. The pump company they bought in Tasmania was a good one but I'm not sure they have any membrane experience whatsoever.

I would love to see this do well but there's something not right.

The water treatment sector grows every single year as it is directly linked to population. It is a profitable sector but you need to have a deep understanding of the sector to know where to focus.