CLWT - Euro Tech Holdings Company Limited Reported An Exclusive Sales Distribution And OEM Partnership Agreement Covering Ballast Water Treatment Systems (BWTS) Has Been Signed Between PACT And ERMA FIRST | Benzinga
HONG KONG, April 15, 2024 /PRNewswire/ -- Euro Tech Holdings Company Limited (NASDAQ:CLWT) reported that the Company has recently formed a new synergistic "White Label" BWTS business partnership in Greece.
The Company's majority-owned subsidiary, Yixing PACT Environmental Technology Co., Ltd., ("PACT") has signed an exclusive sales distribution and OEM partnership agreement with ERMA FIRST ESK Engineering Solutions S.A. ("ERMA FIRST").
This partnership has created a synergy effect for both companies as PACT is a UV-based BWTS technology company and complements ERMA FIRST's electrolysis technology. Sales distribution will be focused on 20 countries in Europe, and the Company believes this will allow it to achieve quicker penetration in the European market over the coming months.
About BWTS
BWTS are an imminent requirement by the International Maritime Organization ("IMO") to prevent the biological imbalance caused by the estimated 12 billion tons of ballast water transported across the seas every year by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, the Ballast Water Discharge Standard became a law in the US, initially applying to any vessel constructed in December 2013 or later when entering US waters, and to existing vessels shortly after. The IMO's Ballast Water Management ...