A. O. Smith Corporation acquired State Industries, Inc. for approximately $57.8 million in cash (plus assumption of approximately $56.3 million of State Industries bank debt and related liabilities), a transaction completed in December 2001, structured as all cash (stock purchase).
State Industries, Inc. operates in Water Systems / Water Heating, is based in Ashland City, Tennessee, USA. A. O. Smith acquired all of the outstanding common stock of State Industries, Inc., an Ashland City, Tennessee water-heater manufacturer, from Ocelot Oil Corp. and related Lindahl family trusts under a Stock Purchase and Sale Agreement dated September 13, 2001. The deal materially expanded A. O. Smith's residential and commercial water-heating business.
Expansion of A. O. Smith's core residential and commercial water-heating manufacturing base.
Advisory firms were not disclosed for this transaction.