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Update on Industry Consolidation Trends

The water services industry has been experiencing a dramatic rearrangement of ownership and increasing consolidation for several years now, a trend that has been most pronounced in the treatment equipment sector. This ongoing trend is also having an effect on the utility side of the business as vendor companies change strategies and directions. In addition, the drinking water utility business continues to undergo consolidation itself. In the Journal's November 2003 Market Outlook column, these consolidation trends were reviewed and the evolving growth strategies of the major equipment and service companies in the industry were described. At that time, it appeared that several of the major foreign players in the water market were beginning to reconsider, or reverse, their U.S. expansion strategies. Both of the French water giants (Veolia and Suez) as well as some of the large British companies had already begun to divest some of the U.S. water equipment or chemicals businesses. This month's column reviews the events and transactions of the last several months and updates the discussion regarding the ongoing consolidation trend.