Take context from the input text and decide on the accurate relationship between 'water treatment' and 'water' from the options provided.
Options: owned by, parent organization, product/material produced, chairperson

We project revenue will decline by 7% to 8% in 2020 as strong organic North America water treatment sales and resilient North America residential water heater volumes are more than offset by weaker North America commercial water heater and boiler volumes and lower China sales, largely due to the pandemic.
product/material produced