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Corporate News Blog - Tonka Water Taken Over by ALLETE's Subsidiary US Water Services

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LONDON, UK / ACCESSWIRE / September 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for ALLETE Inc. (NYSE: ALE), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=ALE. The Company announced on September 8, 2017 that US Water Services, its wholly owned subsidiary, has acquired the entire business of Tonka Water. The acquisition would allow US Water Services to expand its business in the area of integrated water treatment equipment and acquire new municipal and industrial sector based clients. The financial details and other terms of the acquisition were not shared by the Companies. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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Management Comments

Alan R. Hodnik Chairman, President and CEO of ALLETE, said of the acquisition:

"This strategic acquisition, like the earlier additions of Water & Energy Systems Technologies and A and W Technologies, expands US Water's geographic and customer markets, its equipment portfolio and its field service offerings. ALLETE continues to execute its strategy of supporting US Water's growth both organically and through tuck-in acquisitions as the Company expands in the US and Canada. Societal expectations, regulation and resource scarcity increasingly require sustainable solutions, and ALLETE is well-positioned in the emerging energy-water nexus."

LaMarr Barnes, CEO of US Water, added:

"The addition of Tonka Water to the US Water family expands our integrated capabilities in the industrial market and broadens our overall equipment offerings into the municipal market. Their experienced employees will strengthen our engineering capabilities, and allow us to further leverage our chemical and service offerings to provide our customers more options."

Tom Davis, President of Tonka Water, stated:

"I am confident that joining US Water will strengthen our position in industrial water treatment and the municipal market, further solidifying our customized and innovative solutions. Together, with our shared vision, values and commitment to service, we will bring superior value to our customers and employees for years to come."

About Tonka Water

Plymouth, Minnesota based Tonka Water was founded in 1956 as a Company providing water treatment systems to Minnesota and other northern states. Tonka Water has grown over the last 60 years and offers customized water treatment solutions for a variety of applications including surface water, groundwater, water reuse, industrial process water, remediation, and advanced wastewater treatment. At present, the Company has more than 2,300 system installations in 49 states and four Canadian provinces. Its customers include city municipalities, government entities, private Companies, tribal communities, industries like aerospace, automotive, biofuels, brewing, energy, ethanol, food production, manufacturing, and recreation as well as solutions for the mining and natural resources sector.

About ALLETE and US Water Services

Duluth, Minnesota based ALLETE is an energy Company that provides competitively-priced energy in the upper Midwest, and invests in transmission infrastructure and other energy-centric businesses. The Company owns electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE Clean Energy, US Water Services, BNI Energy, and has an 8% stake in American Transmission Co.

ALLETE recorded gross revenue of $1.34 billion and had total assets valued over $4.9 billion as on December 31, 2017.

Incidentally, ALLETE had acquired a majority interest of 87% in US Water Services in January 2015 for $168 million.

St. Michael, Minnesota based US Water Services was founded in 1997 and is a wholly owned subsidiary of ALLETE and an integrated industrial water treatment Company catering to the needs of industrial and commercial customers. The Company helps its customers stay competitive using our industry experience and expertise to combine chemical, equipment, engineering and service into a personalized, integrated solution to optimize system performance, reduce water and energy usage, and improve efficiency. It serves approximately 4,800 industrial customers, including various Fortune 500 Companies located in the US and Canada.

In November 2016, US Water had acquired Southern California based Water & Energy Systems Technology (WEST) Inc. to expand its geographical footprint across Southwestern US water market.

Last Close Stock Review

ALLETE's share price finished last Friday's trading session at $79.14, rising 0.62%. A total volume of 138.06 thousand shares have exchanged hands. The Company's stock price surged 6.56% in the last three months, 21.60% in the past six months, and 28.04% in the previous twelve months. Additionally, the stock rallied 23.29% since the start of the year. Shares of the Company have a PE ratio of 23.29 and have a dividend yield of 2.70%. The stock currently has a market cap of $4.02 billion.

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SOURCE: Pro-Trader Daily