Philadelphia Suburban Completes Purchase of White Horse Village Water System
Philadelphia Suburban Completes Purchase of White Horse Village Water System
August 17, 2000
Philadelphia Suburban Completes Purchase of White Horse Village Water System BRYN MAWR, Pa. August 17, 2000 - Philadelphia Suburban Water Company (PSW), the primary subsidiary of Philadelphia Suburban Corporation (NYSE:PSC) announced today that it has completed the purchase of the water system of the 500-unit Whitehorse Village retirement community in Edgmont Township, Delaware County, for a consideration of $500,000.
Among the assets purchased are the village's 11,000-foot distribution system (which was installed in 1988) and its well system in return for a high-quality public water supply and $1 million worth of capital improvements to provide supplemental public water to the retirement development.
PSW will connect Whitehorse Village, which has always relied solely on its well supply, to its 16-inch main on nearby West Chester Pike. The PSW transmission main was installed five years ago to provide needed water supply to the growing Route 3 corridor that connects Delaware and Chester Counties. Construction is underway at the retirement community to add 28 carriage homes and 30 beds to the existing 100-bed health care center.
Earlier this year when the agreement was first announced, Whitehorse Village President and CEO Bob Allen said he was pleased that PSW was able to purchase the water system. We are looking forward to having PSW professionals own our system, said Allen. With our planned growth, we had concerns about the capacity of our existing wells to serve our customers. Our connection with PSW's main system will lay those concerns to rest. We have the added benefit of knowing a professional water utility like PSW will also be responsible for water quality and maintaining the distribution and hydrant systems.
PSW is the largest subsidiary of Philadelphia Suburban Corporation, which has water utility operations that serve nearly two million residents in Pennsylvania, Ohio, Illinois, New Jersey and Maine. PSC is a publicly-traded company listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol PSC and has been committed to the preservation and improvement of the environment throughout its history which spans more than 100 years.
--30--SW/ph*
CONTACT:
Philadelphia Suburban Water
Donna Alston, Director, Communications
610/645-1095
alstond@suburbanwater.com
Among the assets purchased are the village's 11,000-foot distribution system (which was installed in 1988) and its well system in return for a high-quality public water supply and $1 million worth of capital improvements to provide supplemental public water to the retirement development.
PSW will connect Whitehorse Village, which has always relied solely on its well supply, to its 16-inch main on nearby West Chester Pike. The PSW transmission main was installed five years ago to provide needed water supply to the growing Route 3 corridor that connects Delaware and Chester Counties. Construction is underway at the retirement community to add 28 carriage homes and 30 beds to the existing 100-bed health care center.
Earlier this year when the agreement was first announced, Whitehorse Village President and CEO Bob Allen said he was pleased that PSW was able to purchase the water system. We are looking forward to having PSW professionals own our system, said Allen. With our planned growth, we had concerns about the capacity of our existing wells to serve our customers. Our connection with PSW's main system will lay those concerns to rest. We have the added benefit of knowing a professional water utility like PSW will also be responsible for water quality and maintaining the distribution and hydrant systems.
PSW is the largest subsidiary of Philadelphia Suburban Corporation, which has water utility operations that serve nearly two million residents in Pennsylvania, Ohio, Illinois, New Jersey and Maine. PSC is a publicly-traded company listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol PSC and has been committed to the preservation and improvement of the environment throughout its history which spans more than 100 years.
--30--SW/ph*
CONTACT:
Philadelphia Suburban Water
Donna Alston, Director, Communications
610/645-1095
alstond@suburbanwater.com