Silver Creek Water Utility Members Approve Sale of Member-Owned Water Utility to Indiana American Water

Rhea-AI Summary

Indiana American Water has been chosen as the trusted provider of water service to the Silver Creek area in southern Indiana. The acquisition was approved by nearly 74% of Silver Creek Water Corporation members. If approved by the Indiana Utility Regulatory Commission, approximately 8,000 water customers will be added to Indiana American Water's service footprint.

GREENWOOD, Ind.--(BUSINESS WIRE)-- Indiana American Water today announced that members of the Silver Creek Water Corporation have voted for Indiana American Water to become the trusted provider of water service to the area in southern Indiana.

“We look forward to welcoming Silver Creek residents into the Indiana American Water family, joining the approximately 1.4 million customers that receive clean, safe, reliable and affordable water service provided by our dedicated and experienced team,” said Indiana American Water President Matt Prine.

Silver Creek Water recently notified its membership that nearly 74 percent of the members that cast ballots voted yes in favor of the acquisition. “Indiana American Water already provides high-quality water to our system, and we’re confident that they will continue to provide excellent service to our current and future customers,” said Silver Creek Water Corporation Board President Doug Chumbler. “The sale to Indiana American Water will also provide several benefits, including long-term rate stability, access to capital, a commitment to operating efficiently, and the ability to leverage its size and buying power to procure goods and services less expensively.”

American Water and Silver Creek Water have entered into a signed agreement for the acquisition. If approved by the Indiana Utility Regulatory Commission, approximately 8,000 water customers would be added to Indiana American Water’s service footprint.

About American Water

American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to more than 14 million people with regulated operations in 14 states and on 18 military installations. American Water’s 6,500 talented professionals leverage their significant expertise and the company’s national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.

As one of the fastest growing utilities in the U.S., American Water expects to invest $30 to $34 billion in infrastructure repairs and replacement, system resiliency and regulated acquisitions over the next 10 years. The company has a long-standing history of executing its core operations, aligned with sustainable best practices, through its commitments to safety, affordability, customer service, protecting the environment, an inclusive workforce and strengthening communities.

American Water has been recognized on the 2023 Bloomberg Gender-Equality Index for the fifth consecutive year, ranked 18^th on Barron’s 100 Most Sustainable U.S. Companies 2023 List, earned the U.S. Department of Homeland Security SAFETY Act designation and U.S. Environmental Protection Agency’s WaterSense® Excellence Award, among additional state, local and national recognitions.

For more information, visit amwater.com and join American Water on LinkedIn, Facebook, Twitter and Instagram.

About Indiana American Water

Indiana American Water, a subsidiary of American Water, is the largest investor-owned water utility in the state, providing high-quality and reliable water and wastewater services to approximately 1.4 million people.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231103067301/en/

Media:

Joe Loughmiller

317-885-2434

joe.loughmiller@amwater.com

Source: Indiana American Water

FAQ

Who has been chosen as the water service provider for Silver Creek area in southern Indiana?

Indiana American Water.

How many Silver Creek Water Corporation members approved the acquisition?

Nearly 74% of the members approved the acquisition.

How many water customers will be added to Indiana American Water's service footprint?

Approximately 8,000 water customers.