Primo Water Corporation to be Added to Membership of Russell 3000® Index

Rhea-AI Summary

Primo Water Corporation (NYSE: PRMW) will be included in the Russell 3000® Index, effective June 29, 2020. This milestone is expected to enhance the company's visibility in the investment community, as stated by CEO Tom Harrington. The Russell 3000® Index includes the largest US stocks and serves as a benchmark for index funds, with approximately $9 trillion in assets tied to it. Primo generates around $2.1 billion in annual revenue through its unique water solutions and services across North America and Europe, emphasizing its commitment to sustainability and consumer health.

Positive

• Inclusion in the Russell 3000® Index enhances visibility and awareness in the investment community.
• Primo generates approximately $2.1 billion in annual revenue, indicating strong market presence.
• Company operates under a recurring razor/razorblade revenue model promoting sustainable hydration solutions.

Negative

• None.

TAMPA, FL, June 19, 2020 /PRNewswire/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, today announced that it is set to join the broad-market Russell 3000® Index at the conclusion of the Russell US Indexes annual reconstitution, effective after the US equity markets open on June 29, 2020, according to preliminary lists of additions posted by FTSE Russell.

"Inclusion in the Russell Indexes is an important milestone for Primo and will increase the overall awareness and exposure of our stock within the investment community," said Tom Harrington, Primo's Chief Executive Officer. "It is an acknowledgement of our leading position as a pure-play provider of hydration solutions as well as a testament to our transformation and future."

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 8, 2020 ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell US Indexes are widely used by investment managers and institutional investors as the basis for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell US Indexes. Russell US Indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the "Russell Reconstitution" section on the FTSE Russell website.

ABOUT PRIMO WATER CORPORATION

Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.1 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model.  The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its market leading Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to commercial businesses.  Through its market leading Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively.   Primo also offers water filtration units across its 21-country footprint representing a top five position.

Primo's water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.

Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.

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SOURCE Primo Water Corporation

FAQ

When will Primo Water Corporation join the Russell 3000® Index?

Primo Water Corporation will join the Russell 3000® Index effective June 29, 2020.

What is the significance of joining the Russell 3000® Index for PRMW?

Joining the Russell 3000® Index will increase PRMW's visibility and exposure in the investment community, recognized by institutional investors.

How much revenue does Primo Water Corporation generate annually?

Primo Water Corporation generates approximately $2.1 billion in annual revenue.

What is the market capitalization criteria for the Russell 3000® Index?

Membership in the Russell 3000® Index is determined by total market capitalization rankings as of May 8, 2020.

How does the Russell 3000® Index impact investment strategies?

The Russell 3000® Index is widely used as a benchmark for active investment strategies and index funds, influencing approximately $9 trillion in assets.