Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Water treatment company Phoslock Environmental Technologies (PET) has bolstered its management team today
  • Lachlan McKinnon has been appointed CEO and Chris Hui is the new Company Secretary
  • Phoslock’s water treatment helps clean large bodies of water from toxic algae and other impurities
  • The company has been supported by the Chinese government to clean water across the country
  • Phoslock shares saw a slight dip in early trade but recouped the losses quickly to be worth 91 cents each at midday

Phoslock Environmental Technologies (PET) has bolstered its management team today with a new CEO and company secretary.

The water treatment specialist company has appointed ex-Nufarm manager Lachlan McKinnon as CEO.

Nufarm boasts a $1.9 billion market cap and specialises in agriculture chemicals — meaning Lachlan’s skills as General Manager in Australia and Europe and Country Manager for Canada transfer nicely to Phoslock’s requirements.

To support Lachlan and keep things running smoothly, Chris Hui has had his position in Phoslock upgraded from assistant Company Secretary to fully-fledged Company Secretary.

Phoslock Chairman Laurence Freedman spoke highly of the company’s new appointments.

“These appointments add to the management depth of highly qualified corporate, technical and marketing personnel teamed up around the world, providing a close-knit group of experienced executives,” Laurence said.

Importantly, the additions to the management team will help ease the burden on Managing Director Robert Schuitema who has been acting as MD and Secretary without the assistance of a CEO.

Laurence said Lachlan will focus on handling day-to-day operations to allow Robert to put his energy into big-picture opportunities.

Phoslock’s water treatment tech piqued the interest of the Chinese government earlier this year, causing a strong share price run. Shares were worth around 35 cents each throughout January, but by August hit $1.50 apiece.

Though a few quiet weeks saw this run settle down, late October saw Phoslock land High-Tech Enterprise status in China and subsequent support from the Chinese government.

Phoslock has been commissioned by the Chinese government to help clean up some unhealthy bodies of water around the country in a bid to increase general health and boost tourism.

Essentially, Phoslock’s treatment involves permanently binding excess phosphorous in water bodies, which often causes a rise in toxic algae and unhealthy water.

Phoslock binds the phosphorous and forms a new mineral called Rhabdophane, which becomes a part of the water’s natural sediments.

Phoslock’s treatment has already serviced over 250 water bodies around the globe.

Phoslock shares saw a slight dip in early trade but recouped the losses quickly. At just before midday AEDT, Phoslock shares are worth 91 cents each in a $514 million market cap.

PET by the numbers
More From The Market Herald

" Worley (ASX:WOR) awarded contract for Swedish renewable methanol facility

Worley (ASX:WOR) has been awarded a front-end engineering design (FEED) services and cost estimate contract for…

" Cleanaway sweeps up SKM Recycling for $66M

Cleanaway Waste Management has won the bid for the acquisition of SKM Recycling Group's assets.

" Bio-Gene Technology (ASX:BGT) secures $1.5m via placement to new shareholder family

Agtech development company Bio-Gene Technology (ASX:BGT) has completed a strategic placement to a new shareholder family…
Environmental Clean Tech (ASX:ECT) - NonExecutive Director, Tim Wise

" Environmental Clean Technologies (ASX:ECT) completes Yallourn property acquisition

Environmental Clean Technologies (ECT) has reached settlement on a property to host the deployment of its…