NEW YORK, NY – In a bid to gain a foothold in the global water industry, Heckmann Corp. will buy up China Water and Drinks Inc., which distributes and bottles water in China. Heckmann, a blank check company in the development stage, purchased the company in a $625 million cash and stock deal.

Heckmann plans to use the Chinese company’s infrastructure to expand and create a global water company. According to the World Bank, nearly 90% of municipal water in China is polluted.

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Source : Forbes.com and the AP

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