Anglian Water Plc today announced that it is to sell its 50 per cent stake in its American joint venture to its partner American Water Works Company Inc. The agreed sale price for Anglian Water’s stake in American Anglian Environmental Technologies is US$32,000,000 (£19.4 million) payable in cash, against a book value of $2.3 million (£1.4 million).

Commenting on the sale, Chris Mellor, Anglian Water’s group managing director, said: “This decision is in line with our stated policy of focusing on areas where we see real prospects to enhance shareholder value. We reassessed our investment in the joint venture in the light of rapid changes in the water and wastewater market in the USA.

“We do not rule out the possibility of seeking further business opportunities in the United States. Our international focus will continue to be on projects which accelerate growth in earnings from our non-regulated business and create value for our shareholders.

“This sale will enhance our performance in meeting these objectives, and enables us to step up development activity in our international business, which has continued to grow during the past twelve months following contract wins in South America, Europe and the Far East. We currently serve over four million people outside the UK.”

The joint venture company operates 146 water and wastewater facilities, serving 900,000 people throughout the US. Anglian Water expects the deal to be concluded within the next 60 days.