Allete sell US Water Services $270 million

Allete to sell US Water Services for $270 million

12:02 PM, 11th February 2019
Allete logo

DULUTH, US: Allete Inc has entered into a stock purchase agreement providing for the sale of US Water Services Inc to Kurita Water Industries Ltd, for $270 million.

Kurita Water is a leading international water management company headquartered in Tokyo, Japan. The deal is expected to close by the end of the first quarter 2019.

Based in Minnesota, US Water Services, an integrated water solutions company serves a diverse mix of approximately 5,000 customers to optimize system performance, reduce water and energy use, and improve efficiency. It was acquired by Allete in 2015. This announcement supports Allete’s long-term diversification strategy that includes expanding investments in clean energy opportunities with an average annual earnings growth objective of five to seven percent.

“This sale exemplifies our disciplined approach to providing shareholder value while executing on our multi-faceted strategy. Our go-forward business mix provides attractive opportunities to meet and potentially exceed our stated average annual earnings growth target of five to seven percent while supporting our strong credit ratings,” said Bob Adams, Chief Financial Officer, Allete.

“US Water employees have been an important part of Allete’s corporate history and family of companies delivering on our commitment to answer the call to transform the nation’s energy and water landscape. We believe we have positioned U.S. Water Services for future success, as well as Allete, as we expect continued growth through pursuing additional opportunities in the clean energy space,” added Al Hodnik, Chairman and CEO, Allete.

© Worldofchemicals News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Quick, nutritious bites for workaholics

In this busy day and age, where meetings happen as per schedule, deadlines are met with accuracy, and work is overflowing beyond timeframe, our eating ...

Read more
Optimism around plastics

In an interview, Prabir Das, Business Director, Performance Materials, BASF South Asia with Chemical Today magazine delves into the changing dynamics ...

Read more
On a sweet note

In an Interview, Tarun Sawhney, Vice Chairman and Managing Director, Triveni Engineering and Industries Ltd with Chemical Today magazine talks at leng ...

Read more
Sweet Talks

In an interview, Ashish Karnani, Director Marketing, Acuro Organics Limited with Chemical Today magazine discusses the sugar industry’s eco syst ...

Read more
Industry 4.0 is all about Zero: Zero casualties, Zero environmental incidents, Zero breakdowns

In an interview, Ron Beck, Energy Industry Director and Mike Brooks, Advisory Business Consulting Director, AspenTech with Chemical Today magazine ope ...

Read more
High efficiency and sustainability driving industry growth

In an interview, Barbara Wladarz, General Manager, Richter Chemie-Technik GmbH with Chemical Today magazine talks at length about the growing opportun ...

Read more