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U.S. Filter to Build Plant in Honolulu

October 06, 1998|Bloomberg News

U.S. Filter Corp. won a contract worth $140 million to build and operate a water-treatment center for the city of Honolulu, Oahu's first such plant. Palm Desert-based U.S. Filter, a maker of water and waste-water treatment systems for clients worldwide, will build the 12-million-gallon-a-day water facility and run it for 20 years. Some of the water will be sold to power and oil-refining companies. The city will also purchase about 6 million gallons per day for irrigation, freeing up potable water for residents. Construction of the facility is expected to begin in March, with completion set for early 2000. The agreement comes as U.S. Filter's shares have fallen about 50% this year. In September, several analysts warned that the company's business is vulnerable to Asian markets, which have suffered slowing economic growth in the last year. U.S. Filter shares fell $1.25 to close at $13.50 on the New York Stock Exchange.

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