BRYN MAWR, Pa., Dec. 4, 2000 (BUSINESS WIRE)—Philadelphia Suburban Corporation (NYSE:PSC) announced that it has formed a new company, Consumers North Carolina Water Company, which has completed the $1.1 million purchase of MidSouth Utilities, Inc. of Sherrills Ford, NC.—a public water and wastewater utility that currently will serve approximately 1,000 residents in Iredell County, North Carolina.
"This is a significant venture for our company as it marks our first entry into a growing southeastern US state," said PSC Chairman Nicholas DeBenedictis.
"We now have a foothold in one of the fastest-growing areas of one of the fastest-growing states in the country - North Carolina. We are very pleased to be doing business in North Carolina. With the state's strong economic outlook and concern for the environment, we are looking forward to expanding our water and wastewater business in the area as well as adapting our nationally-recognized water quality expertise to benefit its residents."
Iredell County is a part of the rapidly growing Lake Norman area where several residential and commercial developments are planned. Currently under construction is the River Park commercial shopping development that will become a customer of Consumers North Carolina upon completion of construction. PSC noted that its wastewater plant has adequate capacity to accommodate the rapid development that is expected in the area.
The MidSouth purchase is the most recent of 15 growth ventures announced by PSC this year.
PSC is one of the nation's largest investor-owned water utilities serving nearly two million residents in Pennsylvania, Ohio, Illinois, 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.
For more information, visit the corporation's web site at www.suburbanwater.com.
