Aqua America PA subsidiary acquires municipal water system
Aqua America's Pennsylvania subsidiary has completed the acquisition of the water system assets of the Kratzerville Municipal Authority, which serves approximately 400 residents in Snyder County, PA, for $300,000...
BRYN MAWR, PA, June 1, 2009 -- Aqua America Inc. (Aqua) announced today that its Pennsylvania subsidiary, Aqua Pennsylvania Inc., has completed the acquisition of the water system assets of the Kratzerville Municipal Authority, which serves approximately 400 residents in portions of Jackson and Penn Townships in Snyder County, Pennsylvania for $300,000.
Kratzerville, the sixth acquisition for Aqua America companies this year, is located about five miles from the company's other Snyder County systems of Rolling Green-Monroe Manor and Pennsview. The acquisition is further completing its footprint in central Pennsylvania and adding to its operating efficiencies.
"We are very pleased to have acquired the assets of another municipal water system," said Aqua America Chairman and CEO Nicholas DeBenedictis. "Municipal systems make up 85 percent of the water utility market. We are starting to see more municipal systems consider privatization as they face increasing capital needs and more stringent environmental regulations. Kratzerville is just one example of how the sale of a municipal system to a private utility like ours can benefit both parties."
Aqua Pennsylvania's plans for capital investment include the immediate retrofitting of properties with state-of-the-art radio frequency water meters and future improvements to the distribution system.
Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately three million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Florida, Indiana, Virginia, Maine, Missouri and South Carolina.