Waters recognizes that its products can assist customers in "contributing to breakthrough solutions that make the world a healthier, cleaner, and safer place to live" and it is committed to further expanding and improving its product portfolio through strategic acquisitions and research and development efforts. Portfolio 21 believes ecological constraints will increasingly influence business opportunities and that Waters' products are well positioned to thrive in this environment. For example, the International Organization for Standardization (ISO) prefers the use of mass spectrometry technology to determine levels of volatile organic compounds in drinking water, ground water, surface water, seawater, and diluted waste water.
Although Waters' product range can be considered to have environmental benefits, there is room for the company to improve upon the environmental management of its direct impacts. Areas for improvement include implementing ISO 14001 certified environmental management system at all manufacturing facilities, expanding product recycling options beyond the European Union, and increasing the transparency of the company's environmental initiatives.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/12 and may not reflect current opinions or subsequent events.