Welcome to our dedicated page for Primo Water Corporation news (Ticker: PRMW), a resource for investors and traders seeking the latest updates and insights on Primo Water Corporation stock.
Primo Water Corporation (NASDAQ: PRMW) is a leading provider of sustainable drinking water solutions in North America and Europe. Founded in 2004 by Billy Prim, the company was modeled after his previous success with Blue Rhino, the market leader in propane grill cylinder exchange. Primo Water offers a range of products including water dispensers, bulk purified bottled water, self-service refill water, and exchange water services. The company is recognized for its innovative and stylish water dispensers, available for both home and office use, which help reduce environmental waste.
Primo Water's operations are largely concentrated in North America, following a strategic divestment of a significant portion of its international business. The firm typically initiates customer relationships through the sale of water dispensers and generates recurring revenue via their Water Direct and Water Exchange services. Two-thirds of the total sales come from these recurring revenue streams, involving the delivery of large-format water bottles to residential and commercial customers.
In a recent development, Primo Water announced an agreement whereby Culligan International will acquire a significant portion of its international businesses in an all-cash transaction valued at up to $575 million. This transaction, expected to close by the end of 2023, will allow Primo Water to focus on its core North American business, enhance profitability, and return capital to shareholders.
Primo Water is committed to sustainability and environmental responsibility. The company partners with organizations like the International Bottled Water Association (IBWA) and Watercoolers Europe (WE) to ensure adherence to high safety, quality, and regulatory standards. Primo Water’s mission is to expand consumer access to purified, spring, and mineral water, promoting a healthier and more sustainable lifestyle while reducing plastic waste.
The company generated approximately $2.2 billion in annual revenue in 2022 and operates under a recurring revenue model in the large format water category (defined as three gallons or greater). Its products are sold through approximately 10,900 retail locations and online. Primo Water’s water solutions include Water Direct, Water Exchange, and Water Refill, with over 23,500 self-service refill drinking water stations across North America.
Primo Water is headquartered in Tampa, Florida. For more information, visit their website at www.primowatercorp.com.
Primo Water Corporation (NYSE: PRMW) released its 2021 ESG Supplement, highlighting key achievements including:
- Carbon Neutral Certification in 2021.
- All diversity, equity, and inclusion (DEI) targets met.
- Transition to 100% certified renewable energy in European operations.
- Exit from single-use bottled water business, reducing CO2 emissions by 50,000 metric tons.
- Contributions of over $168,000 to disaster-stricken communities.
- 20% reduction in global GHG emissions compared to 2020.
The company aims for continuous improvement in ESG practices, with future commitments that include third-party verified greenhouse gas emissions. CEO Tom Harrington emphasized the cultural commitment to ESG at Primo Water, which generates approximately $2.2 billion annually and operates in North America and Europe.
Legion Partners has successfully pressured Primo Water Corporation (PRMW) to accept its director nominations following a lawsuit filed against the company. Initially, Primo's Board rejected nominations from Legion Partners, leading to legal action. After significant legal expenses, Primo agreed to allow four of Legion's nominees, including Henrik Jelert and Lori Tauber Marcus, to stand for election at the rescheduled Annual Meeting on May 31, 2023.
Legion criticized Primo's previous tactics as harmful to shareholders, causing delays and unnecessary costs. They contended that the board's actions breached fiduciary duties and dissipated shareholder capital. Legion stressed the importance of electing their nominees to institute necessary changes within the company’s governance.
Primo Water Corporation (NYSE: PRMW) announced that all four nominees from Legion Partners Holdings will stand for election at its rescheduled Annual and Special Meeting on May 31, 2023. This decision follows a settlement agreement that resolved litigation with Legion, allowing the company to avoid ongoing litigation costs. Shareowners of record as of April 27, 2023 can vote, and previous proxy votes will be discarded, requiring new submissions using a BLUE proxy card. Primo Water specializes in sustainable drinking water solutions across North America and Europe, generating approximately $2.2 billion in annual revenue.
Legion Partners Asset Management has released a supplemental presentation detailing concerns regarding Primo Water Corporation (PRMW). They claim the company is employing smear tactics to distract from its poor performance, highlighting low customer growth and a subpar return on invested capital.
Legion, owning approximately 1.5% of outstanding shares, encourages shareholders to vote on the WHITE universal proxy card for their director nominees and against four long-tenured directors. The presentation emphasizes that, contrary to Primo's claims, its financials and strategic direction are not performing well.
Primo Water Corporation (NYSE: PRMW) has urged shareowners to vote for its ten exceptional directors on the upcoming May 3, 2023 annual meeting. The company, which is focused on sustainable drinking water solutions, highlighted its transformation into a high-performing water business. Key points from the presentation include:
- Significant double-digit revenue growth in 2022.
- Adjusted EBITDA margin improved from 13% to 19% over five years.
- Strategic acquisitions boosting profitability and operational efficiencies.
- A revamped Board with diverse skillsets and experiences.
- Concerns regarding a proxy contest initiated by Legion, which the Board believes could hinder ongoing progress.
Shareowners are encouraged to utilize the BLUE proxy card to support the Board's recommendations.
Primo Water Corporation (NYSE: PRMW) will release its first quarter financial results for the period ending April 1, 2023, before markets open on May 4, 2023. The company will host a conference call at 10:00 a.m. Eastern Time the same day, which will include a Q&A session. Primo operates primarily on a recurring revenue model, generating approximately $2.2 billion in annual revenue through its innovative water dispenser offerings and services including Water Direct, Water Exchange, and Water Refill. The company focuses on sustainable hydration solutions across 21 countries, aiming to enhance consumer access to purified and mineral water while reducing plastic waste.
Legion Partners Asset Management has released a presentation urging fellow shareholders to vote for their director candidates, Timothy Hasara and Derek Lewis, and against Proposal 5 relating to advance notice bylaws at Primo Water Corporation (PRMW). Legion Partners, which owns 1.5% of PRMW shares, criticizes the current board for chronic underperformance, citing inadequate skillsets and a history of failed execution, particularly in the water business. The group claims that the existing board members have tenures averaging 16 years, contributing to stagnation. They assert the potential for a tripling of share prices and $630 million EBITDA by 2027 if their nominees are elected. A court hearing is scheduled for May 1, 2023, regarding the board's attempts to restrict the nominations.
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