The acquisition price will be $58 million for all of the outstanding shares. A.O. Smith will also assume approxi-mately $51 million of State Industries’ debt. The company expects to conclude the acquisition within the next 90 days, subject to government approval.
The acquisition also includes APCOM, a State Industries subsidiary that manufactures elements, thermostats, drain valves, and other water heater components. The addition of the APCOM unit would enable A.O. Smith to enter the water heater component business for the first time.
Publication date: 09/24/2001