Philadelphia Suburban Subsidiaries Completes Two Acquisitions in Pennsylvania

December 24, 2003

Philadelphia Suburban Corporation's (PSC) subsidiary, Pennsylvania Suburban Water Company (PSW), has purchased the water assets of the Pinecrest Lake water system, which serves more than 600 residents in Tobyhanna Township, Monroe County. In addition, PSC's wastewater subsidiary, Suburban Wastewater, purchased the wastewater system that serves those same residential customers, along with several commercial customers and a large regional high school complex. The combined purchase price was $1 million.

"We are pleased to add the Pinecrest Lake area to our growing customer base in the northeastern region of Pennsylvania. The transaction allows us to provide enhanced service to residents by growing our existing systems and by acquiring other systems that can be integrated into our expanding network of operations in this fast growing part of the state," PSC's Vice President of Corporate Development Mark J. Kropilak said.

"This has been an exciting year for the company," PSC Chairman Nick DeBenedictis said. "In July, we completed a major acquisition of the AquaSource systems which put us in nine new states and added 130,000 customers. In November, we announced an agreement to purchase Heater Utilities in North Carolina which serves 52,000 customers."

Aside from these larger acquisitions, DeBenedictis was pleased with the company's progress in completing numerous growth ventures, including a dozen acquisitions like Pinecrest Lake. "There are more than 45,000 small systems in the nation. Acquiring these systems that integrate well into our existing systems is a sound strategy for continued growth."

Source:

Philadelphia Suburban Corporation

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