PSC North Carolina subsidiary acquires second water system

Sponsored by

BRYN MAWR, Pa., Jan. 25, 2001 (BUSINESS WIRE)—Philadelphia Suburban Corporation (NYSE:PSC) today announced that its Consumers North Carolina subsidiary has merged with Hydraulics, Ltd. of Greensboro, a public water utility that serves approximately 16,000 residents in 22 counties surrounding the towns of Greensboro, Hickory, Raleigh and Gastonia.

The merger represents the second water system acquisition for a PSC subsidiary in the North Carolina in less than two months. The acquisition is valued at approximately $4.5 million.

Chairman of the North Carolina Public Utility Commission Jo Ann Sanford said, "The North Carolina Utilities Commission has unanimously approved this merger, conditioned on provisions that provide protection for consumers. We welcome Philadelphia Suburban to the state as a major provider of water and sewer service."

PSC—which also has utility operations in Pennsylvania, Ohio, Illinois, New Jersey and Maine—announced its entry into North Carolina in early December 2000 when it purchased MidSouth Utilities, Inc. of Sherrills Ford, North Carolina, a public water and wastewater utility that will serve approximately 1,000 residents in Iredell County.

Ownership of MidSouth and Hydraulics makes Consumers North Carolina one of the largest private water utilities in the state.

PSC Chairman Nicholas DeBenedictis said, "We are now in one of the fastest-growing areas of one of the nation's fastest-growing states and we are optimistic about our potential to expand our customer base in this region."

DeBenedictis also indicated that the purchase of Hydraulics is in line with the company's strategy for North Carolina. "Our plan for North Carolina is consistent with the growth strategy we've employed in our other states. Once we establish a foothold, like we have done in North Carolina, our goal is to grow the company by purchasing other nearby water systems to increase revenues through customer growth and maximize our economies of scale with respect to operating costs.

In conjunction with the acquisition announcement, DeBenedictis announced that Manuel L. Perkins, former owner and President of Hydraulics, Ltd., will serve as president of its North Carolina operations. "Manuel is a seasoned water professional who is respected in the region and has grown the company significantly, increasing revenues from $250,000 annually when he purchased it back in 1985 to approximately $2 million annually today. He is a great asset to our organization and we look forward to having him lead our North Carolina operation," said DeBenedictis.

PSC completed 17 similar growth ventures in 2000. The Hydraulics purchase is the second growth venture announced by PSC this year. Earlier this week, the company announced that its Consumers Pennsylvania subsidiary had received approval from the Pennsylvania Public Utility Commission to serve more than 1,000 residents in Mahoning Township, Lawrence County.

PSC is one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine and North Carolina. 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.

For more information, visit

Sponsored by


Cal Water, Badger Meter partner to launch customized Water Focus Report for customers

In an effort to help customers assess their water use and aid in water conservation efforts during the drought, California Water Service has partnered with Badger Meter to send customers an individualized, monthly Water Focus Report for their properties.

WRF launches new project aimed at developing standard method to validate water audits

The Water Research Foundation recently announced that it has launched a new project aimed at developing a standard method to validate water audits and guidance for utilities and governing agencies in implementing a water audit validation program.

Cooling towers market projected to reach $3.25B by 2020, research finds

According to new research, the global cooling towers market is projected to reach $3.25 billion by 2020, signifying a firm compound annual growth rate of 4.90 percent from 2015 to 2020.

Outlook shows investment in technology critical for U.S. water industry

In the 2015 U.S. Water Industry Outlook published by WeiserMazars LLP, one of the key findings shows that investment in technology is critical for the nation's water industry as it strives to address aging infrastructure, reduce operating costs and comply with regulatory issues.




© 2015. PennWell Corporation. All Rights Reserved. PRIVACY POLICY | TERMS AND CONDITIONS