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American States Water Company announced on Oct 11 the closing of its acquisition of Chaparral City Water Company, a privately held water company serving approximately 10,000 customers in the city of Fountain Hills, Arizona and portions of Scottsdale, Arizona.
"With the closing of the Chaparral City Water Company acquisition, our newest customer will enjoy the high quality of service for which American States is noted. Further, this strategic acquisition establishes a platform for growth in the Grand Canyon state, which adds long-term value for benefit of shareholders," stated Floyd E. Wicks, president and chief executive officer of the company.
American States Water Company is a holding company that through its Southern California Water Company subsidiary provides water service to 1 out of 30 Californians located within 75 communities throughout 10 counties in Northern, Coastal and Southern California. The Company also distributes electricity to approximately 21,000 customers in the Big Bear recreational area of California. Chaparral City Water Company, the newest subsidiary of American States, provides water service to approximately 10,000 customers in the City of Fountain Hills, Arizona and portions of Scottsdale, Arizona.
SOURCE: American States Water Co.