Monday 11 February 2019

11 February 2019 - Minnesota, US-based energy services company Allete Inc. (NYSE: ALE) has agreed to sell Minnesota-based US Water Services Inc. to Japan-based international water management company Kurita Water Industries Ltd., the company said.
Terms of the transaction were not disclosed. The transaction is expected to close by end of 1Q19 upon the receipt of regulatory approval.
Allete said this action will provide new opportunities for US 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.
The acquisition of US 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.
US Water Services is an integrated industrial water treatment company headquartered in St. Michael, Minnesota. US Water Services provides integrated water solutions for industry by combining chemical, equipment, engineering and service to optimise system performance, reduce water and energy usage, and improve efficiency.
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.