Pennsylvania American Water Completes Acquisition of Farmington Township Water and Wastewater Systems and Signs Agreement to Acquire Corner Water Supply and Service Corporation
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), has completed the acquisition of Farmington Township's water and wastewater systems and signed an agreement to acquire Corner Water Supply in Clarion County. The combined $5.8 million acquisitions will serve approximately 1,100 water and 500 wastewater customers. The company plans to invest over $3 million in system improvements over the next five years. Once the Corner Water acquisition is completed, Pennsylvania American Water's Clarion County customer base will expand to about 5,200 water and 3,900 wastewater connections.
Pennsylvania American Water, una filiale di American Water (NYSE: AWK), ha completato l'acquisizione dei sistemi idrici e fognari di Farmington Township e ha firmato un accordo per acquisire Corner Water Supply nella contea di Clarion. Le acquisizioni combinate del valore di 5,8 milioni di dollari serviranno circa 1.100 clienti idrici e 500 clienti fognari. L'azienda prevede di investire oltre 3 milioni di dollari nel miglioramento dei sistemi nei prossimi cinque anni. Una volta completata l'acquisizione di Corner Water, la base clienti di Pennsylvania American Water nella contea di Clarion si espanderà a circa 5.200 connessioni idriche e 3.900 connessioni fognarie.
Pennsylvania American Water, una subsidiaria de American Water (NYSE: AWK), ha completado la adquisición de los sistemas de agua y aguas residuales de Farmington Township y ha firmado un acuerdo para adquirir Corner Water Supply en el condado de Clarion. Las adquisiciones combinadas por un valor de 5.8 millones de dólares servirán aproximadamente a 1.100 clientes de agua y 500 clientes de aguas residuales. La compañía planea invertir más de 3 millones de dólares en mejoras de sistemas durante los próximos cinco años. Una vez que se complete la adquisición de Corner Water, la base de clientes de Pennsylvania American Water en el condado de Clarion se expandirá a aproximadamente 5.200 conexiones de agua y 3.900 conexiones de aguas residuales.
펜실베니아 아메리칸 워터(Pennsylvania American Water)는 아메리칸 워터(American Water)(NYSE: AWK)의 자회사로서 파밍턴 타운십(Farmington Township)의 수도 및 폐수 시스템을 인수했으며, 클라리온 카운티(Clarion County)의 코너 워터 공급(Corner Water Supply) 인수 계약을 체결했습니다. 580만 달러 규모의 인수는 약 1,100명의 수도 및 500명의 폐수 고객에게 서비스를 제공할 예정입니다. 이 회사는 향후 5년 동안 시스템 개선을 위해 300만 달러 이상을 투자할 계획입니다. 코너 워터 인수가 완료되면, 펜실베니아 아메리칸 워터의 클라리온 카운티 고객 수는 약 5,200개의 수도 및 3,900개의 폐수 연결로 확대될 것입니다.
Pennsylvania American Water, une filiale d'American Water (NYSE: AWK), a achevé l'acquisition des systèmes d'eau et d'eaux usées de Farmington Township et a signé un accord pour acquérir Corner Water Supply dans le comté de Clarion. Les acquisitions combinées d'une valeur de 5,8 millions de dollars serviront environ 1.100 clients pour l'eau et 500 clients pour les eaux usées. L'entreprise prévoit d'investir plus de 3 millions de dollars dans des améliorations de systèmes au cours des cinq prochaines années. Une fois l'acquisition de Corner Water finalisée, la base de clients de Pennsylvania American Water dans le comté de Clarion sera élargie à environ 5.200 connexions d'eau et 3.900 connexions d'eaux usées.
Pennsylvania American Water, eine Tochtergesellschaft von American Water (NYSE: AWK), hat die Übernahme der Wasser- und Abwassersysteme von Farmington Township abgeschlossen und einen Vertrag zur Übernahme von Corner Water Supply im Clarion County unterzeichnet. Die kombinierten Übernahmen im Wert von 5,8 Millionen Dollar werden etwa 1.100 Wasserkunden und 500 Abwasserkunden bedienen. Das Unternehmen plant, in den nächsten fünf Jahren über 3 Millionen Dollar in Systemverbesserungen zu investieren. Nach Abschluss der Übernahme von Corner Water wird die Kundenbasis von Pennsylvania American Water im Clarion County auf etwa 5.200 Wasser- und 3.900 Abwasseranschlüsse anwachsen.
- Acquisition of two water systems for $5.8 million expanding customer base
- Planned $3 million investment in system improvements over 5 years
- Strategic expansion in Clarion County reaching 5,200 water and 3,900 wastewater connections
- Consolidation expected to reduce costs and improve service efficiency
- Significant capital expenditure required ($8.8 million total between acquisition and improvements)
Insights
This
The deal's structure allows Farmington Township to eliminate debt and redirect resources to other capital projects, while Corner Water Supply addresses succession planning and avoids costly infrastructure investments. For American Water (AWK), these bolt-on acquisitions strengthen its Pennsylvania footprint and should contribute to rate base growth, though the immediate financial impact is minimal given AWK's
Acquisitions Will Add Approximately 1,100 Water Customers and 500 Wastewater Customers
“Regionalizing water and wastewater systems is crucial for rural counties like Clarion,” said Pennsylvania American President Justin Ladner. “By consolidating resources and expertise, we can help ensure reliable and efficient services, reduce costs, and improve water quality and wastewater service for the residents of these communities.”
“Farmington Township is very pleased to have Pennsylvania American Water take over our wastewater and water systems operations,” said
Pennsylvania American Water plans to invest more than
Once completed, the Corner Water Supply and Service Corporation purchase will bring Pennsylvania American Water’s
“Corner Water Supply, owned and operated by the families of William G. Patterson and Woody Weaver since 1960, will be sold to Pennsylvania American Water,” said Tom Weaver, principal owner of Corner Water Supply and Service Corporation. “We decided to sell after considering the investments necessary to address aging infrastructure and the challenging regulatory environment. Pennsylvania American Water will continue to provide customers with a clean, safe and abundant water supply. We can't think of a better company to continue servicing our customers.”
Pending Pennsylvania Public Utility Commission (PUC) approval of the acquisition, Pennsylvania American Water will adopt Corner Water’s PUC-approved rates at closing. The PUC regulates the company's rates and reviews and approves any future rate changes. Pennsylvania American Water offers grants and discounted services to customers who qualify through its H2O Help to Others Program.
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
About Pennsylvania American Water
Pennsylvania American Water, a subsidiary of American Water, is the largest regulated water utility in the state, providing high-quality and reliable water and wastewater services to approximately 2.3 million people.
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Media:
Brent
External Affairs Manager
724.263-0625
Brent.Robinson@amwater.com
Source: Pennsylvania American Water
FAQ
How much did Pennsylvania American Water (AWK) pay for the Farmington and Corner Water acquisitions?
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