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Illinois American Water Announces Agreement To Purchase Granite City’s Wastewater Treatment Facility
Rhea-AI Impact
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Rhea-AI Summary
Illinois American Water, a subsidiary of American Water (NYSE: AWK), has reached an agreement to acquire the wastewater treatment assets of the City of Granite City. Approved by the City Council on April 5, this deal will add approximately 26,000 new customer connections, including 10,500 direct and 15,500 indirect customers. The acquisition, if approved by the Illinois Commerce Commission (ICC) by early 2024, would mark the largest wastewater purchase by Illinois American Water. Mayor Mike Parkinson emphasized that the sale is in the best interest of the community and will preserve jobs while allowing the city to invest in other vital needs. Illinois American Water has been serving Granite City for over 125 years and previously acquired the local wastewater collection system in 2020.
Positive
Acquisition of 26,000 new wastewater treatment customer connections.
Potential for large scale wastewater acquisition, enhancing market position.
Job preservation for existing employees in Granite City.
Negative
None.
GRANITE CITY, Ill.--(BUSINESS WIRE)--
Illinois American Water, a subsidiary of American Water, has announced an agreement to purchase the assets of the wastewater treatment plant of the City of Granite City.
The City Council approved the Asset Purchase Agreement on Wednesday evening, April 5, at its council meeting.
The sale would bring approximately 26,000 new wastewater treatment customer connections to Illinois American Water, including approximately 10,500 direct and an additional 15,500 indirect customers in surrounding communities.
“We thank the City Council for its vote of confidence in us and we look forward to growing our partnership with Granite City residents and businesses by providing water and wastewater service and solutions,” said Illinois American Water President Rebecca Losli. “Our company and team of experienced employees are invested in the Granite City community. We are positioned to leverage our resources and expertise and continue to address the needs of the community.”
Illinois American Water will file the proposed sale with the Illinois Commerce Commission (ICC) for approval by the end of 2023 or early 2024. If approved by the ICC, it will be the largest wastewater acquisition by the company.
“We support this agreement with Illinois American Water because it is in the best interests of the Granite City community. It will put our city’s wastewater assets and operations into the highly capable hands of Illinois American Water. We are also able to preserve and transition all jobs for the employees,” said Granite City Mayor Mike Parkinson. He added that proceeds from a sale would allow the city to invest in other critical, community needs.
Illinois American Water has provided water service in Granite City for more than 125 years. In 2020, the company purchased the assets of city’s wastewater collection system.
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 wastewater services to approximately 1.3 million people. American Water also operates a quality control and research laboratory in Belleville.
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable services tour customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and Linkedin.
MEDIA
Terry Mackin Director, External Communications Illinois American Water 618.239.3218
Terry.mackin@amwater.com
Source: Illinois American Water
FAQ
What is the recent acquisition by Illinois American Water related to AWK?
Illinois American Water announced an agreement to acquire the wastewater treatment assets of the City of Granite City, which will add approximately 26,000 new customer connections.
When was the City Council's approval for the purchase by Illinois American Water?
The City Council approved the Asset Purchase Agreement on April 5.
How will the acquisition impact American Water (AWK) financially?
If approved, the acquisition will mark the largest wastewater purchase for Illinois American Water, potentially enhancing its revenue through increased customer connections.
What is the timeline for the acquisition approval from the Illinois Commerce Commission?
Illinois American Water plans to file for ICC approval by the end of 2023 or early 2024.
How many new connections will Illinois American Water gain from the Granite City acquisition?
The acquisition will bring approximately 26,000 new wastewater treatment customer connections.
