Kurita Water Industries Ltd. to Acquire U.S. Water Services, Accelerating Business Expansion in North America
February 08 2019 - 2:38AM
Business Wire
ALLETE Inc. (NYSE:ALE) today announced it has signed a
definitive agreement to sell U.S. Water Services Inc. to Kurita
Water Industries Ltd., a leading international water management
company headquartered in Tokyo, Japan. The transaction is expected
to close by end of the first quarter 2019 upon the receipt of
regulatory approval.
“Kurita is a well-respected global enterprise, and this
agreement is a win-win for ALLETE and U.S. Water Services,” said
ALLETE Chief Financial Officer Bob Adams. “This action will provide
new opportunities for U.S. Water Services to expand and grow the
business while enabling ALLETE to allocate capital resources to
focus on growth initiatives within ALLETE and ALLETE Clean Energy,
which has become ALLETE’s second largest net income
contributor.”
U.S. Water Services was acquired by ALLETE in 2015. Under
ALLETE’s four-year ownership and continued investment, U.S. Water
Services grew significantly, becoming a world class industrial
water service provider in North America through an aggressive
expansion in geographies, end markets and service offerings.
Enabling investments included the acquisition of three water
services companies over the past 36 months. Today’s announcement
supports ALLETE’s long-term diversification strategy that includes
expanding investments in clean energy opportunities.
“We at U.S. Water Services are grateful for the opportunities
provided by ALLETE and look forward to working closely with
Kurita’s team to further enhance the services and integrated
offerings we provide to our customers, while expanding our US
market reach,” said U.S. Water Services CEO LaMarr Barnes.
Kurita is one of the world’s largest suppliers of water
treatment solutions, ranging from water treatment chemicals to
custom design and construction of water treatment facilities. The
acquisition of U.S. Water is consistent with the Kurita Group’s
strategic focus to expand its businesses globally by establishing
bases in four regions of the world – Japan, Asia, Europe and the
Americas – and implemented as a measure for strengthening its
businesses in North America. The combination of the two companies
is expected to accelerate the breadth and depth of new innovations
that generate measured customer value with an enhanced integrated
solutions portfolio.
U.S. Water Services is an integrated industrial water treatment
company headquartered in St. Michael, Minnesota. U.S. Water
Services provides integrated water solutions for industry by
combining chemical, equipment, engineering and service to optimize
system performance, reduce water and energy usage, and improve
efficiency.
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version on businesswire.com: https://www.businesswire.com/news/home/20190207005974/en/
U.S. Water Services, Inc.Aimee Ranallo,
763-497-1227aimee.ranallo@uswaterservices.comwww.uswaterservices.com
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