BRYN MAWR, Pa., May 30, 2002 -- Hydraulics Ltd., a subsidiary of Philadelphia Suburban Corp., has acquired by merger Goss Utility Co., a private utility serving approximately 850 residents in Durham, Chatham, and Person counties in the Triangle area of North Carolina.
Hydraulics acquired the troubled water company at the encouragement of the Public Staff of the North Carolina Utilities Commission. The acquisition was valued at $212,000 including planned upgrades to the utility, which is made up of six separate water systems including Brentwood, Carden Creek, Cedar Terrace, Lake Ridge, Timber Lake and Willow Hills.
PSC Chairman Nicholas DeBenedictis said, "The acquisition of Goss Utility Company is our second North Carolina acquisition this year. We are committed to continued growth in the region and look forward to bringing our water quality expertise to a growing number of area residents."
PSC entered the North Carolina region in 2000 with the $1.1 million purchase of MidSouth Utilities, Inc., Sherrills Ford, N.C. The company expanded its presence in the region in 2001 with the $4.5 million acquisition of Hydraulics, Ltd., in Greensboro. Last month, Hydraulics acquired Piedmont Water Company, Inc. and expanded its service to more than 25,000 residents and 22 counties in the region.
The Goss acquisition is the ninth growth venture announced by PSC this year. PSC is the holding company for regulated public utilities that provide water and wastewater services to approximately two million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine, and North Carolina. PSC's common shares are traded on both the New York and Philadelphia Stock Exchanges under the ticker symbol "PSC".
The company has been committed to the preservation and improvement of the environment throughout its history, which spans more than 100 years.
