Allete closes on sale of water company

Wednesday, March 27, 2019

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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.

To read the entire article, visit the Duluth News Tribune

Category: Investors