Aqua America subsidiary acquires Clarendon water system
Aqua America's Pennsylvania subsidiary has completed the acquisition of the Clarendon Water Company, which serves approximately 1,200 residents, for $400,000...
BRYN MAWR, PA, May 4, 2009 -- Aqua America Inc. announced today that its Pennsylvania subsidiary, Aqua Pennsylvania Inc., has completed the acquisition of the Clarendon Water Company (Clarendon), which serves approximately 1,200 residents in Clarendon Borough and Meade Township in Warren County, Pennsylvania for $400,000.
Clarendon will be Aqua's first operation in Warren County, although it is just 20 miles north of Aqua's Marienville operation in adjacent Forest County. Like Marienville, it will be operated out of Aqua's Shenango Division also in western Pennsylvania.
"The Clarendon Water Company is a great addition to our Shenango operations, said Aqua America Chairman and CEO Nicholas DeBenedictis. "In addition to providing a base for potential expansion in another county, its proximity to our existing operations affords us economies of scale to ensure continued operating efficiency." DeBenedictis added that the company has plans to invest approximately $380,000 over the next five years to make improvements to the source of supply and the distribution system, and to replace meters.
Clarendon is the third system acquisition completed by Aqua America's Pennsylvania subsidiary this year.
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.