GREENWOOD, Ind.--(BUSINESS WIRE)--Indiana American Water President Alan DeBoy today announced the company’s acquisition of Russiaville Water, a municipal water utility located in northern Indiana. The purchase of the system adds approximately 430 customers to the company’s customer base and serves a population of approximately 1,200 residents.
“The acquisition of this system will provide Russiaville customers with lower rates and access to operations and capital management water professionals and a number of customer service options and payment methods,” said DeBoy. “Indiana American Water already provides water service to the nearby City of Kokomo in this part of the state, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.
“In a time when communities are looking for new and innovative ways to deal with challenges they’re facing and hold the bottom-line on expenses, this acquisition is a great solution for the utility and its customers,” DeBoy continued. “Indiana American Water brings a broad range of experience, resources and knowledge to the community through this transaction that ultimately will have a positive impact on the area.”
The acquisition of the Russiaville system for approximately $1.8 million was approved by the Indiana Utility Regulatory Commission earlier this month and closed by Indiana American Water and the Town of Russiaville on Monday, July 27, 2015. Town residents also approved the sale in a referendum conducted in November 2014. The Russiaville system will be incorporated into the company’s Kokomo district, which currently serves approximately 57,000 residents.
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to more than 1.2 million people. Founded in 1886, American Water is the largest and most geographically diverse publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs 6,400 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 15 million people in 47 states and Ontario, Canada. More information can be found at www.amwater.com.