De Nora is running on the stock market after the acquisition of BW Water and opens a new phase in the Italian group’s water strategy. After the announcement of the deal, the Milanese multinational’s stock rose by almost 9% on Piazza Affari, driven by the market’s appreciation for a transaction that expands the company’s international presence and brings it into high-growth markets such as semiconductors, desalination, and mining.
DE NORA BUYS BW WATER AND ACCELERATES ON WATER
Industrie De Nora announced the acquisition of 100% of BW Water, a Singapore-based company specializing in integrated water treatment solutions. The total value of the deal is between 61.5 and 66.5 million dollars, approximately 53-57 million euros, while the closing is scheduled for July 1, 2026, subject to usual authorizations, including that of the German antitrust authority.
To finance the operation, the group will mainly use a five-year credit line of 60 million euros granted by a pool of banks including, among others, Unicredit, Intesa Sanpaolo, Mediobanca, Bnl, and Crédit Agricole.
The market reaction was immediate. By mid-morning, De Nora’s stock was up 8.7% at 7.84 euros per share, against a weak Piazza Affari. According to analysts, the market mainly rewarded the industrial potential of the deal and access to new business segments.
WHY DE NORA IS FOCUSING ON BW WATER
The deal marks an important step in De Nora’s growth strategy in water treatment. The goal of the group led by CEO Paolo Dellachà (in the photo) is to progressively move from a model focused on selling products and technologies to one oriented towards complete “turnkey” solutions, following the customer along the entire value chain.
BW Water designs and builds water treatment plants for industry. It operates in sectors requiring very advanced systems and high standards, from semiconductors to mining, to pharmaceuticals and food. The company also has over thirty years of experience in desalination, a sector set to grow with increasing pressure on water resources in many areas of the planet.
For De Nora, this means adding engineering and system integration capabilities that so far have not been the core of the group’s business.
Dellachà explained that “global water challenges, driven by increasing scarcity and the need to ensure water supply security, require integrated and global-scale solutions.” He added that the acquisition of BW Water is “fully consistent” with the group’s long-term strategy.
For BW Renewables, the deal opens a new phase of growth. Erik Strømsø, CEO of BW Renewables and BW ESS, explained that BW Water “has attracted strong market interest thanks to accelerated growth” and that De Nora will be “an excellent long-term shareholder.”
THE FIGURES OF BW WATER
Founded in Singapore, BW Water is a rapidly growing company. In 2025 it recorded revenues of 91.5 million dollars, up 7% from the previous year and more than doubled compared to about 40 million in 2023.
Even more significant is the backlog, i.e., the portfolio of orders already acquired but not yet executed, which in April 2026 amounted to about 190 million dollars. A volume of orders that should translate into revenues around 130 million already in 2026.
The company has an engineering hub in the Philippines, a production plant in Malaysia, and additional production activities in Germany, Italy, and the United States. This presence especially strengthens De Nora’s foothold in Southeast Asia, an area considered strategic for the future growth of water and semiconductor-related business.
As for the accounts, BW Water closed 2025 with a normalized EBITDA of about 3 million dollars, while the reported EBITDA was negative by 2.4 million. It is precisely here that De Nora sees one of the greatest margins for improvement.
The Italian group estimates annual cost synergies of about 7 million dollars, to be developed progressively over three years. According to the company’s indications, about 30% of the synergies should emerge already from 2027.
According to analysts at Banca Akros, the price paid by De Nora may seem high compared to BW Water’s current earnings. But the picture changes considering the synergies expected in the coming years. For experts, the central point of the deal is mainly strategic: De Nora enters high-growth markets such as semiconductors, desalination, and mining and strengthens its presence in Southeast Asia.
THE BET ON WATER
With the acquisition of BW Water, De Nora strengthens one of the businesses it has been focusing on most in recent years: water treatment. The growth in industrial demand, water scarcity, and the need for more efficient infrastructure are driving the sector globally.
Marwan Nesicolaci, CEO of De Nora Water Technologies, spoke of “a step change” for the group, which aims to expand the offering of integrated water solutions. The combined business backlog already exceeds 350 million euros, and the goal, at full capacity, is to approach revenues of one billion euros.
This is not the group’s first external growth operation. Dellachà also recalled the acquisition of the Severn Trent Water Purification platform, carried out about ten years ago, as an example of De Nora’s ability to integrate new activities and develop their business over time.
WHO IS DE NORA
Founded in 1923 and listed on Euronext Milan, De Nora is an Italian multinational specialized in electrochemical processes, water treatment systems, and green hydrogen technologies. The group operates in over 100 markets through 23 companies in 10 countries and has more than 2,000 employees, with research centers in Italy, the United States, and Japan.
In the first quarter of 2026, De Nora recorded revenues of 178.5 million euros, down 10.9% compared to a year earlier, but with profitability remaining solid: the adjusted operating margin rose to 20.2% and the adjusted net profit to 19.1 million. Orders grew especially, up 33%, with the backlog rising above 500 million euros.
In recent years, the company has accelerated especially on technologies related to water and the energy transition. With the acquisition of BW Water, it now aims to further strengthen its presence in integrated water treatment solutions and large industrial projects. Among the main shareholders are the De Nora family, which maintains control of the group with over 53% of the capital, and Snam, present through Asset Company 10 with a stake of about 21.6%.
