USFilter may sell waterworks distribution unit for $650 million

Sept. 3, 2002
Vivendi Environnement subsidiary USFilter is in discussions about the possible sale of its waterworks distribution unit for as much as $650 million.

September 3, 2002 -- Vivendi Environnement subsidiary USFilter is in discussions about the possible sale of its waterworks distribution unit for as much as $650 million.

Thomas H. Lee Partners and JPMorgan Partners are working on financing with a goal of arranging the sale by the end of September, Reuters Business News sources reported.

USFilter is North America's largest water company, having reported $4.2 billion of revenue last year.

USFilter describes its Waterworks Distribution Group as a $1.1 billion business which provides water and wastewater infrastructure products (pipes, pumps, valves and water meters) and services to customers across North America. The group, led by President and COO Harry K Hornish, Jr., has a technology infrastructure in place across the nation for e-commerce. Its 1,500 employees are stationed at more than 140 locations.

Vivendi Envrionnement had said earlier that it was planning to sell off non-core assets. There were reports on Friday of a possible sale in the works but Vivendi and USFilter have not released any public reports, although they did acknowledge they were in talks about the unit.

Vivendi Environnement acquired USFilter for $6.2 billion in 1999.

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