F.B. Leopold sold to PNC Equity Partners

March 25, 2004
American Water has announced the sale of F.B. Leopold Company, Inc. to PNC Equity Partners.

Transaction part of American Water strategic focus on core business

VOORHEES, N.J., March 25, 2004 -- American Water has announced the sale of F.B. Leopold Company, Inc. to PNC Equity Partners.

Leopold is a manufacturer of filtration systems for the water and wastewater industry, developing technologies for improving water quality. PNC Equity Partners is a private equity firm with more than $1 billion of capital under management. "Leopold has been a solid performer for years and we expect the company to continue to perform well for the new owners," said Michael Ulizio, chief executive officer of Leopold.

Leopold, based in Zelienople, PA, was purchased in 1992 by RWE Thames Water and is now part of the Americas Region of the RWE Water Division. The acquisition marked RWE Thames Water's first entry into the American marketplace.

The decision to sell Leopold reflects a strategy to focus on the core water and wastewater utility service business and has been under consideration for some time, according to Dan Kelleher, senior vice president, American Water.

"We started with Leopold in the United States a little more than a decade ago, and today we are providing 20 million people with water and wastewater service," said Kelleher. "As our strategy shifted more to the delivery of water and wastewater services, it became clear that selling Leopold was the right business decision and was consistent with our long-term business strategy. Our focus in North America is on the efficient operation and growth of American Water."

"We are pleased to add Leopold to our portfolio," said Jack Glover, a partner with PNC Equity Partners. "We believe this acquisition is consistent with our investment strategy, just as selling the company is consistent with the strategy of American Water. It is a win for both companies."

About American Water, Thames Water, and RWE

Established over 100 years ago, American Water provides high quality water, wastewater, and other related services. As part of RWE Thames Water, American Water serves 20 million customers in 28 states, 4 Canadian provinces, Puerto Rico and Chile. Thames Water is the water division of international multi-utility RWE, which is the third largest water and wastewater services company in the world. It serves almost 70 million people in 46 countries across the globe. Additional information can be found on the Internet at www.amwater.com .

American Water and RWE Thames Water, through its combined expertise, continue the tradition of providing customers with superior quality service while gaining access to new technologies, research and development, and global experience in service, customer satisfaction and security.

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