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Tennessee American Water, in partnership with the City of Whitwell, announced today it has closed the deal on the company's acquisition of the water system assets from the city of Whitwell in southeast Tennessee. The purchase price of the newly acquired water system, which serves nearly 2,800 customers in Marion and Sequatchie Counties, is approximately $1.5 million.
The Tennessee Regulatory Authority (TRA) approved the deal in February 2013.
"Tennessee American Water has been delivering high-quality, reliable water service to customers in Tennessee and North Georgia for 126 years," said Deron Allen, President of Tennessee American Water. "With this acquisition, we will expand our existing footprint of operations in Marion County and help ensure local residents have access to a longterm, reliable water supply for years to come. We look forward to working with the Whitwell community and building a long-lasting partnership."
Allen added Tennessee American Water will announce plans to hold a community meeting in Whitwell so customers can meet representatives from the water company and ask questions about water service. The company also plans to send new customer information by mail to ensure a smooth transition.
Over the next few years, Tennessee American Water plans to make needed investments to renew and replace the aging water infrastructure in the communities and areas currently served by the Whitwell water system. According to company officials, these investments will help address the ongoing water losses in the system, increase the water supply for local residents, improve service reliability for outlying residents and upgrade the water treatment plant to meet new state and federal water quality standards.
ABOUT TENNESSEE AMERICAN WATERTennessee American Water, a subsidiary of American Water (NYSE: AWK), is the largest publicly traded water utility in the state, providing high-quality and reliable water services to more than 350,000 people in Tennessee and northern Georgia. 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 6,700 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 30 states and parts of Canada.More information can be found by visiting www.amwater.com.