Potts Law Firm filed a ...
Axel Johnson, Inc., the North American operating arm of the Sweden-based Axel Johnson Group, announced that it will acquire Kinetico Inc., one of the world’s leading manufacturers of residential, commercial, industrial and municipal water treatment systems. Axel Johnson is a private company with interests in the energy and environmental sectors. Kinetico will become part of the company’s AxWater Group, where it joins Parkson Corp., a leading supplier of water and wastewater treatment systems for municipal and industrial applications.
“We believe that acquiring and developing a group of businesses focused on improving access to clean, safe water represents both an attractive long-term investment and the opportunity to make a meaningful social contribution,” said Michael D. Milligan, president and CEO of Axel Johnson, Inc. “We have been looking for some time for a company that could add dimension and scale to our AxWater Group. In Kinetico, we have found an excellent match — in culture and values as well as long-term vision for the business. We believe the potential for Kinetico is tremendous.”
Milligan added, “Kinetico will join Axel Johnson as a stand-alone company; our plans are to maintain and build on Kinetico’s operations from its existing campus in Northeast Ohio. We are prepared to support current management as they work to achieve our shared vision for the company, and to offer the entire Kinetico team the opportunity to help shape and build a broader Axel Johnson endeavor across the water industry.”
“Kinetico is honored to be invited to join the Axel Johnson Group,” said William Prior, founder of Kinetico, Inc. “In the current environment of quick-turn mergers and acquisitions, we are thrilled that the owner of Axel Johnson, Antonia Ax:son Johnson, is one who seeks long-term ownership of businesses. Beyond attractive earnings potential, Antonia is concerned with owning and building organizations that reflect her and her family’s values. One of those values is to ensure the availability of clean, safe drinking water to people around the world; the acquisition of Kinetico certainly fits.”
Prior added, “The people of Kinetico are excited that this acquisition will provide broad support for our dreams and global plans to grow our distribution from our existing platform. At the same time, it will respect our hard-won culture, build on our strong independent dealer network and retain the Kinetico organization as it exists.”