BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America, Inc. (NYSE: WTR) announced today that its Pennsylvania wastewater subsidiary has purchased the Penn Township wastewater system.
Aqua Pennsylvania Wastewater (Aqua) acquired the wastewater assets of Penn Township, Chester County, which provides service to 776 residential and 25 commercial customers including Jennersville Regional Hospital in Penn Township. Aqua paid $3.7 million for the wastewater system and plans to make improvements valued at approximately $2 million to upgrade the system and bring it into environmental regulatory compliance.
“We are eager to bring our expertise to the Penn Township wastewater system and implement infrastructure improvements to bring the system up-to-date and ensure it remains compliant with environmental regulations,” said Chairman and CEO Nicholas DeBenedictis. “We look forward to serving even more customers in this fast-growing Chester County township in the future, as it has potential for organic growth.”
Last year, Aqua completed 15 water and wastewater acquisitions and grew its number of customers a total of 1.3 percent, after completing 18 acquisitions in 2012. In addition, the company recently announced its first acquisitions of 2014 – Aqua Virginia purchased four water systems and a wastewater system in three separate acquisitions.
Aqua Pennsylvania serves approximately 1.4 million people in 31 counties throughout the Commonwealth of Pennsylvania.
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information, or follow Aqua on Facebook at facebook.com/MyAquaAmerica and on Twitter at @MyAquaAmerica.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s ability to invest capital, ensure environmental compliance and add additional customers to the system. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; housing and customer growth trends; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America’s business, please refer to Aqua America’s annual, quarterly and other SEC filings. Aqua America is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.