Allete Inc., the Duluth-based parent company of Minnesota Power, has closed on its $270 million sale of a water subsidiary to Tokyo-based Kurita Water Industries. The sale was first announced in February.
Allete bought U.S. Water Services four years ago and grew the company markedly during that time. Allete says proceeds from the sale will largely go toward clean energy initiatives.
U.S. Water, based in St. Michael, Minn., specializes in industrial and commercial water solutions and has about 5,000 customers.
"Kurita is a well-respected global enterprise, and this agreement is a win-win for Allete and U.S. Water Services," Allete Chief Financial Officer Bob Adams said in a news release last month.