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New York American Water Signs Agreement For Acquisition Of Mt. Ebo Water And Wastewater Systems

Stocks in this article: AWK

New York American Water today announced that it has signed agreements to purchase the Mt. Ebo Water Works, Inc. and Mt. Ebo Sewage Works, Inc. in the Town of Southeast, NY. The water system agreement now moves to the New York Public Service Commission for approval. New York American Water will provide the systems’ more than 400 customer accounts with both water and wastewater services. Financial terms of the sale were not disclosed.

“This agreement continues the expansion of our operations into the upstate area, north of our historical Long Island base,” said William M. Varley, president of New York American Water. “Our new customers in Mt. Ebo will benefit from our being able to leverage the economies of scale and broader technological expertise that come from being part of a larger operation.”

“Our customers will really benefit from this sale by having their water and wastewater service handled by New York American Water,” said Lawrence Nadel, Mt. Ebo Water Works owner. “These systems are critical to the community, and the company brings a wealth of experience, resources and commitment. It’s what they do, 24X7.”

New York 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 services to more than 370,000 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 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.



Copyright Business Wire 2010

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