USFilter announces agreement to sell its surface preparation group business
USFilter announced that it has entered into an agreement to sell its surface preparation business to International Surface Preparation Corporation
PALM DESERT, Calif., July 23, 2003 -- United States Filter Corp. (USFilter), a subsidiary of Veolia Environnement, announced that it has entered into an agreement to sell its surface preparation business to International Surface Preparation Corporation, a newly formed company jointly owned by Bard Group, LLC; The GlenRock Group, LLC; Atlantic Equity Partners III, LP; and Hunt Capital Growth Fund II, LP.
The sale of the surface preparation business completes the company's previously announced plans to divest its non-core businesses by the end of 2003.
USFilter's surface preparation business manufactures and distributes surface preparation equipment, parts and consumables on a worldwide basis. Total annual sales in 2002 were approximately $320 million. The transaction is expected to close during the third quarter and is subject to normal regulatory approvals and satisfaction of customary conditions.
Total proceeds from the disposition of USFilter's surface preparation businesses, including the sale earlier this year of its Walther Trowal mass-finishing business, will be approximately $130 million.
In connection with the sale announced today, CIBC World Markets acted as financial advisor to USFilter. Sutherland Asbill & Brennan LLP acted as USFilter's legal advisor.
United States Filter Corporation, a Veolia Environnement company, is North America's leading water company providing comprehensive water and wastewater systems and services to commercial, industrial, municipal and residential customers.
Veolia Environnement (Paris Bourse: VIE and NYSE:VE) is the largest environmental services company in the world with more than 295,000 employees, including FCC, in about 100 countries and annual revenues of more than $31.5 billion. Visit the company's web sites at www.usfilter.com or www.veoliaenvironnement.com.