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Oman desalination workshop to look at red tides

Experts from the Middle East and Australia are organizing a joint expert workshop on the dangers for desalination plants of harmful algal blooms (HABs), commonly called "red tides" in Oman on 8- 9 February 2012.

Acciona Agua makes two new MENA appointments

Spanish desalination company Acciona Agua has appointed José Díaz-Caneja as development manager, Middle East and North Africa.

Environnement in global revamp

Suez Environnement has merged its Degrémont subsidiary into its international operating division under a major restructuring of the group's operations outside of Europe that will create five new regional businesses.

Dr Corrado Sommariva

Sommariva secures International Desalination Association presidency

Dr Corrado Sommariva, managing director of ILF Consultants Middle East, was elected president of the International Desalination Association on 5 September 2011, the first day of the IDA's World Congress in Perth, Australia.

Gulf red-tide early-warning system funding 'soon'

A new early-warning system in the Gulf for harmful algal blooms (HABs), also known as red tides, using satellite imagery, remote sensing, and modeling could be one result of a conference on HABs held on 16‑17 April 2014 by the Middle East Desalination Research Center (MEDRC).

FEDCO moves to new Dubai sales and service center

Fluid Equipment Development Company (FEDCO) has relocated its Dubai sales and service office to a new facility during November.

ERI pressure-exchangers chosen for Fujairah expansion

Acciona Agua has chosen Energy-Recovery Inc to provide its PX® Q line of energy-recovery devices (ERDs) for the Fujairah 1 Expansion desalination project in the UAE.

New Dubai base for Black & Veatch

Engineering company Black & Veatch (B&V) announced on 11 January 2012 that it has moved its Middle East office to a new location in Dubai, UAE.

PWT to be represented by Omya in EMEA region

Professional Water Technologies announced on 6 September 2011 that it had signed a sales representative agreement with Omya International AG, a leading global producer of industrial minerals, and a worldwide distributor of chemical products.

Major water-sector contractor formed in Dubai

The Leighton Group, which has been involved in the construction of three of Australia's large seawater desalination plants, has brought two group companies together in Dubai, UAE, to create a strong water and environment contracting company.

Five newcomers voted onto IDA board

Five new faces are among the 21 members voted to serve on the board of the International Desalination Association (IDA) for 2011-13 as a result of the elections which closed on 13 August 2011.

Sasakura eyes large Middle East desalination units

Sasakura Engineering Co is teaming up with fellow Japanese company Itochu Corp to enter the business of large-scale desalination plants in the Middle East.

Total world desalination capacity close to 60 million m³/d

The total capacity of desalination plants around the globe is 59.9 million m³/d, according to the 22nd GWI/IDA Worldwide Desalting Plant Inventory. Details were released at a briefing held by the International Desalination Association at its World Congress in Dubai on 8 November 2009.

Reynolds to lead CH2M Hill in MENA and India

Chartered engineer Neil Reynolds has been appointed regional managing director for CH2M Hill's operations in Middle East/North Africa (MENA) and India.

Jebel Ali M Station officially opened in Dubai

The United Arab Emirates' largest power production and water desalination plant, the Jebel Ali M Station in Dubai was officially opened on 8 April 2013 by the deputy ruler of Dubai, Shaikh Hamdan bin Rashid Al Maktoum.

FEDCO opens Dubai sales and service center

US-based desalination equipment manufacturer Fluid Equipment Development Co (FEDCO) has opened a Middle East Sales & Service Center in Dubai, UAE.

Desalination to grow by 9% up to 2016, says report

Global installed desalination capacity is expected to grow by about 55 million m³/d over the period 2010-2016 at a compound annual growth rate of more than 9%, according to a new report from Pike Research.

Bidding for largest solar desalination plant opens soon

Tenders for the world's largest solar-powered seawater desalination plant in Ras Al Khaimah, UAE, will be invited next month by utility company Utico Middle East.

Fernandez to boost ACWA's PPP push in MENA

Leading Spanish economist Luis Fernandez has joined environmental solutions provider ACWA Emirates as chief officer concessions for the Middle East/North Africa (MENA) region to provide in-depth support for the company's drive into the public-private partnership (PPP) sector.

Innovations in IDA Congress technical program

Round-table sessions and touch-screen availability of poster presentations will be used for the first time in the International Desalination Association's World Congress in Dubai on 7-12 November 2009, IDA announced on 19 October 2009.

MEDRC announces new director and deputy

Netherlands ambassador Ronald Mollinger was officially announced as the new director of the Middle East Desalination Research Center (MEDRC) in Oman on 21 January.

Sonitec-Vortisand appoints MENA manager

Canada-based Sonitec-Vortisand has appointed Nikhil Bhatia, as regional manager for its newly formed subsidiary, Sonitec-Vortisand Middle East and North Africa (MENA).

Japan's Yokogawa is looking to expand its control systems business in the power and water infrastructure market

Japan's Yokogawa wins first control systems order in UAE

Yokogawa Middle East & Africa is to supply a distributed control system for a power and desalination plant in the United Arab Emirates (UAE) for the first time.

NCED/MEDRC workshop will look at red tide and desalination

A joint workshop on the dangers of the red-tide marine phenomenon for desalination plants is to be held in Oman by the National Centre for Excellence in Desalination Australia and the Middle East Desalination Research Center.

Left to right: City of Rockingham Mayor Barry Sammels with Parliamentary Secretary for Regional Development Gary Gray and Murdoch University Professor John Yovich at Murdoch's pilot desalination plant in Rockingham.

Australia's desalination centre sited at Murdoch University

Australia's new National Centre of Excellence in Desalination is to be hosted by Murdoch University's Rockingham campus as a result of a Aus$ 20 million (US$ 15.5 million) award from the federal government.

Xylem appoints new emerging markets head

Water technology firm, Xylem, has appointed Steven Leung as senior vice president and president, emerging markets, In this newly created position, Leung will lead the company's commercial operations in China, greater Asia, India, the Middle East, Africa and Latin America, as well as Australia and New Zealand.

Ex-Adelaide desalination chief joins Singapore's Hyflux

Milind Kumar, formerly project director of the Adelaide Desalination Plant for South Australia Water, has been appointed to a senior position in Singapore group Hyflux Ltd.

Metito lands Bechtel SWRO desalination in Australia

Dubai-based Metito has landed two new seawater reverse-osmosis (SWRO) desalination plants in Australia and is currently nearing completion of one in Qatar.

Private players are reshaping desalination says report

Private water companies are "reshaping global desalination" with nine of the top ten capacity additions in 2015 coming from private sector players according to market researcher Bluefield Research.

Queensland legislates for centralised CSG brine disposal

The Queensland state government in Australia is introducing legislation to bring about centralised treatment and disposal of water and brine produced from the coal-seam gas (CSG) industry.

ACWA Group's new chief officer for the Middle East, Fadey Kassim, was previously client side at Palm Water, Dubai, UAE

ACWA Group hires new chief to drive Middle East growth

ACWA Group has appointed Fadey Kassim as chief officer of sales and strategy to drive growth in the Middle East, particularly in the municipal and industrial water reuse segment.

A carpet shark

Shark makes home in Perth II desalination plant

The Water Corporation in Western Australia has confirmed that a wobbegong (carpet) shark has been found in the seawater intake station at the Southern Seawater Desalination Plant during scheduled maintenance work.

The intake at the Adelaide desalination plant during construction.

Intakes opened for Adelaide desalination project

Commissioning is now closer for the Aus$ 1.824 billion (US$ 1.905 billion) Adelaide Desalination Project, after the 1.4 km intake began taking in seawater last week.

Australia urged to recycle more water for urban supplies

Greater use of recycled water in Australia's water supplies was called for on 29 November 2010 by James Cameron, acting CEO of the National Water Commission (NWC).

Adelaide plant delayed by four months

The Adelaide desalination plant is four months behind schedule, South Australia's minister for water, Paul Caica, announced on 28 August 2010.

MEDRC to stage World Water Forum event

The Middle East Desalination Research Center (MEDRC) is to stage a side event at the 6th World Water Forum, which takes place in Marseille, France, on 12-17 March 2012.

KAUST hosts EMS desalination/reuse school

The European Membrane Society has announced a week-long Middle East school of membrane technology at the King Abdullah University of Science & Technology (KAUST) in Saudi Arabia.

GDF Suez bags Lahmeyer

GDF Suez' consultancy arm, Tractebel Engineering, has bought Germany-based water and energy consultancy Lahmeyer International from financial investment firm Capiton.

Middle East pump sales to top US$2 billion next year

The Middle East will spend nearly $2.2 billion for pumps next year according to market researcher the McIlvaine Company.

Desalination plant for Ras Al Kaimah "within two years"

A 68,000 m³/d desalination plant is to be built in Ras Al Kaimah, UAE, within two years, according to a report in a local newspaper.

RO plant commissioned for US military base

A reverse-osmosis (RO) drinking-water plant supplied by ThermoEnergy Corporation to a major US military base at an undisclosed location in the Africa/Middle East region was commissioned in early December 2011.

Energy Recovery announces deal duo

Industrial fluid pressure technology company, Energy Recovery, has announced its second US$ 1.8 million deal in recent weeks at sites in the Middle East and North Africa region. The latest win to supply its PX Pressure Exchanger system was for a 68 Ml/d desalination plant at an undisclosed site in the Middle East. It closed an earlier, similar deal in Morocco.

MEDRC to run two RO courses in May 2014

The Middle East Desalination Research Center (MEDRC) in Oman is running two three-day courses on operation of reverse-osmosis (RO) plants in May 2014:

FO pilot plant could follow HTI Dubai link-up

Forward-osmosis (FO) system manufacturer Hydration Technology Innovations LLC (HTI) has signed an international distribution, services and cooperation agreement for FO technology with Future Technologies LLC of Dubai. Future Technologies will distribute HTI's FO OsMem™ membrane technology for industrial applications.

Joint venture to build US$ 196 million desalination plant at Ras Al Khaimah

A joint venture between Spain's Grupo Cobra and Emirates-based Utico Middle East is building a Dh 719 million (US$ 195.7 million) desalination plant in northernmost emirate, Ras Al Khaimah.

MEDRC to run membrane courses in Oman

The Middle East Desalination Research Centre (MEDRC) has obtained an exclusive license to present two David H Paul seminars in the Middle East/North Africa region.

Energy Recovery wins deals totalling US$ 10.3 million in Asia and Middle East

Pressure energy technology specialist, Energy Recovery, has won US$ 10.3 million in project awards to install its PX Pressure Exchanger technology in desalination plants in Asia and the Middle East.

Hyflux poised for global diversification says chief

Anticipated growth in the global desalination market is expected to help diversify revenue from Asia to the Middle East and African markets for Singapore water company, Hyflux, according to its chief executive Olivia Lum.

March tender for Dubai's 545,000 m³/d Hassyan desalination plant

Originally tendered in June 2008, the much-delayed 120 MIGD (545,000 m³/d) Hassyan desalination plant, with its associated 1,500 MW power station, is to be tendered in March 2011, the Dubai Electricity & Water Authority announced on 27 February 2011.

Cadagua lands RO desalination plant in UAE

The UAE's Federal Electricity and Water Authority (FEWA), responsible for supplying water and electricity in the northern emirates, has given Spanish contractor Cadagua a letter of intent for the award of a reverse-osmosis desalination plant in Al Zawrah, Ajman.

The Global Water Awards winners are awarded through voting by industry professionals

Suez and Middle East plants top 2018 Global Water Awards

Suez has scooped the Desalination Company of the Year Award, and Middle East facilities topped the desal plant categories at this year's Global Water Awards from Global Water Intelligence (GWI).

Ciarán Ó Cuinn

New MEDRC director looks at Middle East cooperation

Ciarán Ó Cuinn, currently executive director for external and strategic affairs at Dublin City University, Ireland, is to become director of the Middle East Desalination Research Center in Oman.

Xylem provides DAF pretreatment for Fujairah 1

Xylem Inc has won a contract to provide a dissolved air flotation (DAF) pretreatment system for the Fujairah 1 Independent Water & Power Plant (IWPP) in the UAE to help ensure an uninterrupted potable water supply from the desalination plant to Abu Dhabi emirate and the east coast.

Malakoff ties up Al Ghubrah desalination finance

Malakoff Corporation Berhad announced on 26 July 2013 that it had signed the financing agreements of the 42 MIGD (191,000 m³/d) Al Ghubrah independent desalination project in Oman.

Groundbreaking for Fujairah 1 IWPP in UAE

The US$ 200 million expansion project for the Furjairah 1 Independent Water & Power Plant (IWPP) in the UAE broke ground on 30 June 2013.

Veolia's Multiflo process will be used to treat hazardous liquid waste in Dubai, UAE

Veolia to treat hazardous liquids at new Dubai plant

Veolia Water Technologies has won a contract with Dubai Municipality to engineer, procure and construct a hazardous liquid waste treatment plant.

RFP to follow UAE renewable-energy desalination launch

A pilot program to test and develop advanced energy-efficient seawater desalination technologies that could be powered by renewable energy sources was launched on 17 January 2013 by Masdar, the UAE renewable energy company.

Hyflux forecasts end to Middle East desalination doldrums

Following its recent landing of its first major Middle Eastern municipal water contract in five years,  Singapore water treatment firm Hyflux said it anticipated demand in the region to accelerate.

First Middle East desalination job for Abengoa

Spanish contractor Abengoa has been contracted by ACWA Power International Company to to build a 10 MIGD (45,000 m³/d) desalination plant in Barka, Oman.

Parkson moves Middle East work back to USA

Parkson Corp of the USA announced on 15 June 2012 that it is consolidating the operations of its Middle East group into its international division. Parkson says this is to optimize the delivery of its water and wastewater treatment technologies to the rest of its customer base in other parts of the world.

Doosan Babcock wins maintenance and support deal at giant Taweelah plant

Energy engineering company, Doosan Babcock, has won a contract with Taweelah Asia Power Company (Tapco) to provide essential maintenance and technical support services for Tapco's desalination plant in Abu Dhabi.

Egyptian SWRO plant to use ERI pressure exchangers

Egypt's largest desalination plant being built at Marsa Matrouh is to be supplied with Pressure Exchanger (PX) energy-recovery devices by Energy Recovery Inc of California.

MEDRC announces 2012 scholarship deadline

The Middle East Desalination Research Center (MEDRC) has announced its 2012 Scholarship Fund for students from the Middle East and North Africa (MENA).

SWCC lets systems contract for RO training room

Cyprus-incorporated Hyperion Systems Engineering announced on 16 September 2013 that it would supply a generic operator training simulator (OTS) system for the Saline Water Conversion Corporation (SWCC) in Saudi Arabia.

Anurag Bajpayee is co-founder and chief executive of Gradiant

"We become part of our customers' business." Anurag Bajpayee

Gradiant's philosophy on technology is to take fundamental concepts and develop them into water technologies that speak directly to customers' experiences in the field.

New distributors and EU compliance for PWT

Membrane chemicals supplier Professional Water Technologies (PWT), the US arm of Canada's H2O Innovation, recently signed agreements with two new distributors in Brazil and Argentina, increasing its presence in South America.

Fourth session track added to IDA World Congress

The International Desalination Association (IDA) has added a fourth track to the technical program for its World Congress on Desalination and Water Reuse in Perth, Australia, on 4-9 September 2011.

The deal is 'win-win' for WorleyParsons and Jacobs, said Jacobs' chief executive Steve Demetriou

WorleyParsons acquires Jacobs' energy, chemicals, and resources division

Australia's WorleyParsons is purchasing the energy, chemicals, and resources (ECR) division of Jacobs in the US for $3.3 billion, comprising $2.6 billion in cash and 58.2 million WorleyParsons shares.

Inside Carlsbad: IDE has won plaudits for its 50 million gallons per day capacity desalination plant in California

China's CCCC tables a $650 million bid for IDE Technologies

Hong Kong Stock Exchange-listed China Communications Construction Company (CCCC) has bid $650 million for IDE Technologies, reports Engineering News-Record.

Nomination date nears for IDA's Young Leaders committee

Time is running short for nominations to the Program Committee of the International Desalination Association's Young Leaders Program.

Algae biomass membrane order for Denmark's LiqTech

Denmark's LiqTech International Inc has received a purchase order of around US$ 300,000 for a prototype filtration system to be used in an algae biomass project.

Dr Michael Lamminen

Parkson appoints international business director

Water recycling and treatment specialist Parkson Corporation has named Dr Michael Lamminen to a new post of international business director to market the company's lineup of cost-efficient and environmentally-sustainable technology around the world.

Osmoflo delivered a five train reverse osmosis system as engineering, procurement and construction contractor for a seawater RO facility at Barka, Oman

Hitachi Zosen takes a majority stake in Osmoflo

Hitachi Zosen is to buy a majority stake in Australia's Osmoflo Holdings, with Osmoflo becoming a subsidiary of Hitachi Zosen.

Hurley appointed president/CEO of Parkson

Florida-based Parkson Corporation announced the appointment on 24 April 2012 of Shamus M Hurley as its new president and CEO. Hurley, who served for the last five years as CEO of Kinetico - a leading manufacturer of residential and commercial water treatment systems - replaces Zain Mahmood.

Suez's international business helped to drive group performance in 2016

Suez buoyed by strong International division

Suez has reported organic revenue growth of 1.1 per cent for the year ended December 2016, driven by a 4.7 per cent rise at its International division.

Asia and industrials to counter desalination decline

Declining drought in new desalination markets has weakened growth but a long-term counter from expansion in Asia and elsewhere creates a positive outlook for 10,000m³-plus plants according to a recent forecast by market researcher, Bluefield.

IDA confirms speakers for Huntington Beach

The International Desalination Association (IDA) has confirmed speakers for its first conference devoted exclusively to energy-efficiency in seawater desalination - Desalination: An Energy Solution, on 8-9 September 2010 at the Hyatt Regency Resort & Spa, Huntington Beach, California, USA.

Installed desalination growth slowed in 2011‑2012

Installed desalination capacity around the world rose by only 9% last year to reach 78.4 million m³/d, according to the latest data published by the International Desalination Association (IDA) and Global Water Intelligence (GWI).

Imad Makhzoumi, new IDA president

Makhzoumi elected IDA president for 2009-11

The International Desalination Association (IDA) announced on 12 November 2009 that Imad Makhzoumi had been elected its new president for 2009-2011.

The formation of a new, market-leading, industrial-focused water business is changing the dynamics of the global industrial water market

The Long Read: The changing EPC landscape

There is a big shift going on in the water sector, and it's exemplified by the Suez-GE deal. While the focus of services offered by engineers has always ebbed and flowed along a spectrum of consultancy, design work, systems integration, and delivery, nowadays customers' decision-making processes are pushing at the boundaries of these traditional project service offerings.

Dubai cooling company deploys 3,000 m³/d RO plant

Emirates Central Cooling Corporation (Empower) in Dubai announced on 17 April 2012 that it was deploying reverse-osmosis technology in its plant at the Dubai International Finance Centre (DIFC) to produce an average of 3,000 m³/d of polished water.

Besix Middle East executive vice president Olivier Crasson (left) and Shurooq executive chairman Marwan Al Sarkal sign up to the joint venture

Besix signs with Sharjah to expand water reuse

Besix has signed a public-private partnership (PPP) agreement with Sharjah Investment and Development Authority (Shurooq), to operate and maintain an existing wastewater treatment plant at Al Saja.

The project site is U-shaped, and is surrounded by lots filled by industrial operators and their associated infrastructure

Jebel Ali project is a new direction for DEWA and Besix

The $237 million contract awarded by Dubai Electricity and Water Authority (DEWA) for a seawater reverse osmosis (SWRO) desalination plant represents a big step for the client, and for Besix Concessions & Assets, which won the work in partnership with Acciona Agua.

Acciona to build Sembcorp's Fujairah 1 expansion

Singapore's Sembcorp Industries has signed a 20‑year water purchase agreement with the Abu Dhabi Water & Electricity Company (ADWEC) which will enable it to expand its Fujairah 1 Independent Water & Power Plant (IWPP) by 30 MIGD (136,000 m³/d).

SWCC Governor Dr Abdulrahman bin Mohammed Al-Ibrahim, Doosan  president and COO Keysun Han with SWCC and Doosan executives at the Yanbu Phase 2 Expansion MED  Seawater Desalination Plant.

Ceremony marks Yanbu 2 MED desalination completion

The completion ceremony for the Yanbu Phase 2 Expansion seawater desalination plant was held on 19 December 2012 by Doosan Heavy Industries & Construction in Jeddah, Saudi Arabia.

Utico Middle East is making a bid for a bigger share of the water market in UAE

Utico Middle East seeks to expand desal capacity and market share in UAE

UAE company Utico Middle East is to invest $185 million to more than double its desalination capacity over two years, reports Reuters.

Mott MacDonald aims to enhance its services and market opportunities with Wideurope acquisition

Mott MacDonald buys up Wideurope Engineering

UK-based global consultancy Mott MacDonald has acquired Wideurope Engineering, whose portfolio features a number of power and desalination plants in the Middle East and south west Asia.

IDA announces election results for board

The International Desalination Association has announced the results of the elections to its board of directors for 2009-11.

The cost per cube of desalinated water bid on the planned Taweela mega-plant in Abu Dhabi is among the world's cheapest

Seven bidders line up for Abu Dhabi mega-project

Abu Dhabi Department of Energy has unveiled the seven consortia bidding for Taweela desalination plant mega-project, with the lowest price coming from ACWA Power at $0.49 per cube.

Pentair X-Flow wins UF order for Ghallilah desalination

Ultrafiltration (UF) membranes and skids are to be supplied to the 15 MIGD (68,000 m³/d) seawater reverse osmosis (SWRO) desalination plant at Ghallilah, Ras Al Khaimah, United Arab Emirates, by Pentair X-Flow.

Two direct potable reuse projects are currently in operation worldwide, in Texas, US, and Windhoek, Namibia

The Long Read: Do we have the technology for potable water reuse?

Water reuse for drinking purposes is racing up the agenda in the US and elsewhere. Work to draw up new rules for potable reuse is advancing in states including California and Arizona, as well as in Canada and the European Union. Technologies are being piloted, and plants permitted.

The Victorian Desalination Plant is located at the southerly most tip of Australia on the Bass Coast

AquaSure's Victorian Desalination Plant secures its first water order

The Victorian Desalination Project (VDP) is a mega-size seawater RO facility, able to produce up to 150 billion litres of water a year when running at full capacity. Located at the southerly most tip of Australia on the Bass Coast, it was procured by the Victorian State government from AquaSure, a joint venture of Degrémont (now Suez), Macquarie Capital, and Thiess (now Ventia), in 2009, for a capital cost of $3.5 billion.

IDA 2015 World Congress draws 1,700 delegates

More than 1,700 delegates from 63 countries attended the International Desalination Association's (IDA's) 2015 World Congress held in San Diego recently according to the association's key metrics published this week. Awards for papers and presentations topped US$ 30,000.

Veolia tops targets in Masdar desalination pilot programme

Interim findings by engineering giant, Veolia, from trials designed to up efficiency and develop renewable energy-driven desalination have already outstripped energy reduction targets the company has reported.

BEL wins Saudi pressure-vessel contract

BEL Composite Ibérica, Spain, has been awarded the supply contract for‫ ‬glass-reinforced plastic pressure-vessels for the 11,000 m³/d water treatment plant at Princess Noura bint‫ ‬Abdul Rahman University for Women, Riyadh, Saudi Arabia.

Salalah IWPP passes acceptance tests in Oman

Acceptance tests for the US$ 1 billion Salalah Independent Water & Power Plant (IWPP) in Oman have been successfully completed, Sembcorp Industries announced on 28 May 2012.

(Left to right) Paul Fox, British consul general to Dubai and the Northern Emirates; Ahmad Al Mulla, senior manager sales, Dubai Airport Freezone; Joel Hagan, i2O chief executive; Jamal Bin Marghoob, director of sales, Dubai Airport Freezone; and Mohamed Sadek, i2O sales director for the Middle East and North Africa

i2O opens new base in Middle East and North Africa

UK smart water network solutions firm i2O has opened its first office in the Middle East and North Africa to support clients in the region.

World Bank publishes report on Arab water reuse

Total water reuse in the Arab world is estimated at 2,170 million m³ per year, according to a report just published by the World Bank summarising the findings of the Expert Consultation Meeting on Wastewater Management in the Arab World, convened in Dubai in May 2011.

Japanese giants buy Metito stake

Japanese companies Mitsubishi Corporation (MC), and Mitsubishi Heavy Industries, (MHI), have acquired a joint 38.4% stake in United Arab Emirates-based water management company Metito for an undisclosed sum.

AquaVenture chief executive Doug Brown is an engineer-turned-private equity investor-turned-water industry leader

"We're now at more than $100 million revenue." Doug Brown, AquaVenture chairman and CEO

AquaVenture chief executive Doug Brown has a track record of delivering shareholder value. When he joined water technology and engineering firm Ionics as chief executive in 2003, the struggling business was trading at $16 a share.


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