Philadelphia Suburban Illinois subsidiary to purchase Aroma Park Municipal Water System
Philadelphia Suburban Corp.'s Consumers Illinois Water Co. subsidiary was set to complete the purchase of the Aroma Park municipal water system, which serves approximately 2,100 residents near Chicago for $1 million.
BRYN MAWR, Pa., May 25, 2001 — Philadelphia Suburban Corporation has announced that its Consumers Illinois Water Company (CIWC) subsidiary was scheduled to complete the purchase of the Aroma Park municipal water system, which serves approximately 2,100 residents in Kankakee County (near Chicago), for $1 million today.
Aroma Park is the ninth growth venture announced by PSC this year and was one of two upcoming acquisitions referenced by PSC Chairman Nicholas DeBenedictis earlier this week when he addressed the Philadelphia Association of Sercurities Analysts.
The second acquisition is Geigertown Water Company (a private water system serving approximately 250 residents in Berks County, PA), which was approved yesterday by the Pennsylvania Public Utilities Commission.
Aroma Park previously purchased bulk water from CIWC and had recently entered an agreement with the company to operate and maintain the water system.
PSC Chairman Nicholas DeBenedictis said, "During the past five years PSC has completed more than 70 growth ventures, allowing the company to become one of the fastest growing and largest investor-owned water utilities in the United States."
CIWC President Terry Rakocy said, "There are nearly two thousand community water systems in Illinois, many of which are small and facing increasingly stringent water quality regulations and costly capital needs.
"Many of these water systems, like Aroma Park, are finding that it is financially beneficial for them and environmentally and economically beneficial for their customers to sell their assets to larger utilities like Consumers Illinois, which have the environmental expertise and capital necessary to maintain good water quality, reliable service and reasonable rates."
Village Mayor Norm Grimsley said he and other village leaders are pleased with the sale. "Our relationship with Consumers Illinois has been a positive one," said Grimsley. "We feel very good about entrusting our assets to a professional water utility like Consumers because we know they have the technical expertise necessary to provide good water quality and responsible service to our residents."