Illinois American Water President Karla Olson Teasley today announced the company’s acquisition of the City of Grafton water system, near Alton in Southern Illinois. The purchase of the system adds approximately 400 customers to the company’s customer base in the Alton District and serves a population of nearly 600 residents.
Illinois American Water is familiar with the City of Grafton’s water system, and vice versa. Illinois American Water began its partnership with the city in September 2010, providing water to the city on a sale-for-resale (wholesale) basis.
“We have a strong legacy and presence in Grafton and the surrounding area. Illinois American Water has been delivering reliable water service to customers in the Alton district, which serves Grafton, for more than 135 years,” said Karla Olson Teasley, president of Illinois American Water. “Through this acquisition, we will expand our existing footprint and help ensure local residents have access to a long-term, reliable water supply for years to come.”
Grafton Mayor Tom Thompson is also enthusiastic in his support of the acquisition. “After careful and thoughtful consideration of the current and future challenges of Grafton’s ongoing operation of its water utility, the Council unanimously agreed that the residents of Grafton will be best served by the sale to Illinois American Water.”The acquisition of the Grafton system for $1.8 million was approved by the Illinois Commerce Commission on Aug. 14, 2013. The sale was closed by Illinois American Water and Grafton on Aug. 30, 2013. The Grafton system will be incorporated into the company’s Alton District, which currently serves residents in Alton, Godfrey and Elsah. Jersey County Rural Water, Fosterburg Water District, Brighton and Forest Homes-Maple Park are wholesale customers. Grafton residents will become direct customers of Illinois American Water and receive their first bill approximately 30 days after closing. About Illinois American Water Illinois 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 approximately 1.2 million people. American Water also operates a customer service center in Alton and a quality control and research laboratory in Belleville.
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