American Water signs agreement to acquire Environmental Disposal Corporation
American Water announced that it has agreed to acquire all of the issued and outstanding capital stock of the Environmental Disposal Corporation.
VOORHEES, NJ, April 30, 2015 -- Today, American Water (AW), the nation's largest publicly traded water and wastewater utility company, announced that it has agreed to acquire all of the issued and outstanding capital stock of the Environmental Disposal Corporation (EDC).
EDC provides wastewater service to the more than 5,300 customer accounts, which are located in its service territory in Bedminster and Bernards Townships, N.J. In addition, EDC provides retail wastewater treatment to the Boroughs of Far Hills, Peapack, Gladstone, and portions of Bedminster, outside the corporation's service territory, on the basis of long-term contracts.
"Increasingly stringent environmental regulations coupled with the ongoing need to invest capital into modern wastewater systems can prove challenging for some systems," said AW President and CEO Susan Story. "EDC's customers will benefit from our operational and engineering expertise, as well as our commitment to make the necessary capital investment to ensure their wastewater service meets and routinely surpasses state and federal standards."
ECD President Michael Leeder added, "We are excited to have reached an agreement for American Water to acquire EDC. American Water's extensive utility expertise, familiarity with the service territory and commitment to customer service will allow EDC's customers to continue to receive exceptional service."
Financial terms of the sale were not disclosed. AW has filed a petition with the New Jersey Board of Public Utilities and will complete the acquisition upon approval.
About American Water
Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,400 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in more than 45 states and parts of Canada. For more information, visit www.amwater.com.