UPDATE 1-Atco realigns units into 3 business groups
July 10 (Reuters) - Canada's Atco Ltd (ACOx.TO) said it reorganized its operating subsidiaries into three business groups - utilities, energy and industrials - to enhance growth.
In June, Atco - a conglomerate that operates utilities, power plants, housing and other industrial businesses - said it would combine Atco Structures Inc and Atco Noise Management Ltd with Canadian Utilities' (CU.TO) Atco Frontec Corp. [ID:nBNG497321]
The newly formed utilities business group includes Atco Gas, Atco Pipelines and Atco Electric, while the energy group includes Atco Power, Atco Midstream and Atco Energy Solutions, the Alberta-based company said in a statement.
The industrials business group includes Atco Structures & Logistics Ltd, the company formed on July 1 as part of its deal with Canadian Utilities.
Shares of Atco were down 14 Canadian cents at C$37.20, while those of Canadian Utilities were down 42 Canadian cents at C$36.76 in morning trading Friday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; editing by Unnikrishnan Nair)
