Philadelphia Suburban Wastewater Subsidiary Buys Plumsock Wastewater System; Acquisition is twelfth in a series of growth ventures announced this year
Philadelphia Suburban Wastewater Subsidiary Buys Plumsock Wastewater System; Acquisition is twelfth in a series of growth ventures announced this year
October 18, 2000
Philadelphia Suburban Wastewater Subsidiary Buys Plumsock Wastewater System; Acquisition is twelfth in a series of growth ventures announced this year BRYN MAWR, Pa. Oct. 18, 2000 - Philadelphia Suburban Water Company's (PSW) subsidiary Little Washington Wastewater Company announced today that it has acquired the Plumsock at Willistown wastewater system in Willistown Township, Chester County from the development's homeowners' association.
In exchange for ownership, Little Washington Wastewater will invest approximately $100,000 to upgrade and improve the system during the next year and reimburse Willistown Township for repairs made to the system in advance of the transaction. Little Washington's ownership of the wastewater system, that serves approximately 120 residents, follows PSW's successful acquisition of the Plumsock water system last year.
PSC Chairman Nicholas DeBenedictis said, Maintaining ownership and operation of the wastewater system was not realistic for the homeowners association due to the rising costs of additional improvements the system needs. Little Washington will be able to implement a substantial capital improvement program during the next year to modernize portions of the plant to ensure long-term, reliable service and compliance with environmental standards.
Plumsock at Willistown Homeowner's Association President Rick Keesler said, PSW purchased the Plumsock water system in the summer of 1999 and we have been very pleased with their professionalism and service. We are looking forward to turning over the operation of our wastewater system to Little Washington Wastewater Company with the same confidence. Including Plumsock, PSW has completed twelve acquisitions and growth ventures this year. Other growth venture announcements made by PSC this year were:
1. January 2000 - Consumers New Jersey Water Company was awarded a three-year contract to provide meter reading, billing and cash remittance services to the Winslow Township municipal water system in Camden County which provides water and wastewater services to approximately 30,000 residents.
2. April 2000 - PSW's wastewater division purchased the Twin Hills wastewater system that serves approximately 750 residents in West Pikeland Township, Chester County.
3. May 2000 - PSW purchased the Fulmor Heights water system that serves approximately 1,000 residents in Hatboro Borough, Montgomery County.
4. May 2000 - PSC's Consumers Illinois subsidiary was awarded a 10-year contract with the city of Kankakee to provide billing for municipal services including wastewater and solid waste removal.
5. June 2000 - PSC's Consumers Ohio subsidiary merged with Applegrove Water Company, which serves approximately 2,600 residents in Plain Township and the City of North Canton, both in Stark County, Ohio.
6. August 2000 - PSW entered into 25-year bulk water sales agreement with Liberty Electric Power, LLC (Liberty)--a subsidiary of Columbia Electric Corporation-valued at $43 million. Liberty, is scheduled to begin startup operations at the 568-megawatt gas-powered plant in the fall of 2001.
7. August 2000 - PSC's Consumers Ohio subsidiary acquired the Summit County water system, serving approximately 4,200 residents in the City of Green.
8. August 2000 - PSW purchased the White Horse Village retirement community water system that includes 500 residences and a 100-bed hospital in Edgmont Township, Delaware County.
9. August 2000 - PSC's Consumers Illinois subsidiary announced an agreement of sale to purchase the Ivanhoe water and wastewater systems, which provide water and wastewater service to approximately 400 residents in the gated golf community in Ivanhoe, Lake County.
10. August 2000 - PSW received approval from the Pennsylvania Public Utility Commission to purchase the Chatwood water system, which serves approximately 250 residents in West Goshen Township, Chester County.
11. August 2000 - PSW received approval from the Pennsylvania Public Utility Commission to serve Honeybrook Township, Chester County.
Philadelphia Suburban Water Company is a subsidiary of PSC, one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Illinois, Ohio, 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.
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CONTACT:
Philadelphia Suburban Water Company
Donna Alston, Director, Communications
610/645-1095
alstond@suburbanwater.com
In exchange for ownership, Little Washington Wastewater will invest approximately $100,000 to upgrade and improve the system during the next year and reimburse Willistown Township for repairs made to the system in advance of the transaction. Little Washington's ownership of the wastewater system, that serves approximately 120 residents, follows PSW's successful acquisition of the Plumsock water system last year.
PSC Chairman Nicholas DeBenedictis said, Maintaining ownership and operation of the wastewater system was not realistic for the homeowners association due to the rising costs of additional improvements the system needs. Little Washington will be able to implement a substantial capital improvement program during the next year to modernize portions of the plant to ensure long-term, reliable service and compliance with environmental standards.
Plumsock at Willistown Homeowner's Association President Rick Keesler said, PSW purchased the Plumsock water system in the summer of 1999 and we have been very pleased with their professionalism and service. We are looking forward to turning over the operation of our wastewater system to Little Washington Wastewater Company with the same confidence. Including Plumsock, PSW has completed twelve acquisitions and growth ventures this year. Other growth venture announcements made by PSC this year were:
1. January 2000 - Consumers New Jersey Water Company was awarded a three-year contract to provide meter reading, billing and cash remittance services to the Winslow Township municipal water system in Camden County which provides water and wastewater services to approximately 30,000 residents.
2. April 2000 - PSW's wastewater division purchased the Twin Hills wastewater system that serves approximately 750 residents in West Pikeland Township, Chester County.
3. May 2000 - PSW purchased the Fulmor Heights water system that serves approximately 1,000 residents in Hatboro Borough, Montgomery County.
4. May 2000 - PSC's Consumers Illinois subsidiary was awarded a 10-year contract with the city of Kankakee to provide billing for municipal services including wastewater and solid waste removal.
5. June 2000 - PSC's Consumers Ohio subsidiary merged with Applegrove Water Company, which serves approximately 2,600 residents in Plain Township and the City of North Canton, both in Stark County, Ohio.
6. August 2000 - PSW entered into 25-year bulk water sales agreement with Liberty Electric Power, LLC (Liberty)--a subsidiary of Columbia Electric Corporation-valued at $43 million. Liberty, is scheduled to begin startup operations at the 568-megawatt gas-powered plant in the fall of 2001.
7. August 2000 - PSC's Consumers Ohio subsidiary acquired the Summit County water system, serving approximately 4,200 residents in the City of Green.
8. August 2000 - PSW purchased the White Horse Village retirement community water system that includes 500 residences and a 100-bed hospital in Edgmont Township, Delaware County.
9. August 2000 - PSC's Consumers Illinois subsidiary announced an agreement of sale to purchase the Ivanhoe water and wastewater systems, which provide water and wastewater service to approximately 400 residents in the gated golf community in Ivanhoe, Lake County.
10. August 2000 - PSW received approval from the Pennsylvania Public Utility Commission to purchase the Chatwood water system, which serves approximately 250 residents in West Goshen Township, Chester County.
11. August 2000 - PSW received approval from the Pennsylvania Public Utility Commission to serve Honeybrook Township, Chester County.
Philadelphia Suburban Water Company is a subsidiary of PSC, one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Illinois, Ohio, 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--SF/ph
CONTACT:
Philadelphia Suburban Water Company
Donna Alston, Director, Communications
610/645-1095
alstond@suburbanwater.com