Aqua America Subsidiary Purchases Pennsylvania Water, Wastewater Systems
Aqua America, Inc. has announced its Pennsylvania subsidiary, Aqua Pennsylvania, Inc. (Aqua), has purchased the water and wastewater assets of Eagle Rock Community Association, Inc., and the water system assets of Eagle Rock Utility Corporation for a combined cost of $2.1 million. Aqua has been operating these systems out of its White Haven office since January 2003.
In total, these acquisitions add about 3,000 residents to Aqua's customer base in Black Creek and Hazle townships, Luzerne County and in North Union and East Union townships (including the Village of Oneida), Schuylkill County.
"Eagle Rock is a growing resort community that attracts not only Pennsylvania residents, but New York residents as well," said Nicholas DeBenedictis, Aqua America's chairman and CEO.
Acquisitions such as Eagle Rock play an important role in the company's growth-through-acquisition strategy. "The purchase of these types of systems often lead to additional growth opportunities by expanding our local service territory and putting us in the strategic position to serve other nearby systems," said DeBenedictis.
These acquisitions bring to 10 the number Aqua Pennsylvania has completed this year. Collectively, Aqua America subsidiaries have completed 14 acquisitions in 2004.
Aqua America is the largest U.S.-based publicly-traded water utility serving approximately 2.5 million residents in Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia, Florida, North Carolina, Maine, Missouri, New York, South Carolina and Kentucky.