A.O. Smith Corp. announced that it has reached a definitive agreement to acquire State Industries, Inc.
Issue: 10/01
A.O. Smith Corp., a leading manufacturer of residential water heaters, standard and specialty commercial water heaters, copper tube boilers, pump tanks and expansion tanks, announced that it has reached a definitive agreement to acquire State Industries, Inc., a manufacturer of residential and commercial water heaters. The acquisition price will be $58 million for all of the outstanding shares. A.O. Smith also will assume approximately $51 million of State Industries' debt. The company expects to conclude the acquisition sometime in December, subject to government approval.