Indiana American Water President Alan DeBoy today announced the company’s acquisition of a water system from the Town of Riley in western Indiana. The purchase of the system adds approximately 630 customers to the company’s customer base and serves a population of approximately 1,800 residents.
“The acquisition of this system gives Riley customers continued access to water professionals and a convenient customer service center that is available 24/7,” said DeBoy. “Indiana American Water already provides water to the Town through a wholesale contract, so this is a natural evolution of our service to the community and is a continuation of our efforts to expand our presence across Indiana.
“The trend toward private ownership and management of water and wastewater utilities has been growing over the last several years,” said DeBoy. “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 town and its residents. 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 Riley system for approximately $ 927,000 was approved by the Indiana Utility Regulatory Commission in October, 2012 and finalized by Indiana American Water and the Town of Riley on December 17, 2012. The Riley system will be incorporated into the company’s Terre Haute District, which currently serves approximately 82,000 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 publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 7,000 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in more than 30 states and parts of Canada. More information can be found by visiting www.amwater.com.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts