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Viomi Technology Co., Ltd (NASDAQ:VIOT) announced the elevation of its water purification business to a strategic business unit.
The development helps implement the company's strategy of focusing on water purification, fully leveraging Viomi's R&D and manufacturing capabilities.
According to Viomi, the development will further enhance the company's commitment to sustainable development.
In the first half of the year, the company's revenues from the Home water solutions unit increased by 1.7% to $39.5 million, driven by the company's effort to focus on water purification products.
Viomi also announced the appointment of Qi Chen, an industry veteran, as its water purification strategic business unit's president.
Before joining Viomi, Chen served as the general manager of the water purification and air purification divisions at A.O.Smith (China) Water Heater Co.
As of June 30, 2023, the company had cash and equivalents of $95.4 million.
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Price Action: VIOT shares are trading lower by 3.88% to $0.9228 premarket on the last check Friday.
Posted In: VIOT
