American Water completes acquisition of Shorelands Water Company
Acquisition will grow New Jersey American Water footprint by over 11,000 customers.
VOORHEES, NJ, APRIL 6, 2017 -- American Water (NYSE: AWK), the nation's largest publicly traded water and wastewater utility company, announced today that it completed its acquisition of the Shorelands Water Company, a privately owned water utility that provides water services to more than 11,000 customer accounts in Monmouth County, N.J. The acquisition was approved by the New Jersey Board of Public Utilities (BPU) on March 24, 2017. The purchased assets will become part of New Jersey American Water. Additionally, 14 employees accepted offers to remain with the utility as New Jersey American Water employees.
"New Jersey American Water is proud to be the new water service provider for our new Shorelands customers. We have been providing safe, reliable service to customers in the state for more than a century, and we are committed to delivering that same standard of excellence to these new customers," said Robert MacLean, president of New Jersey American Water. "This new system connects to our existing Union Beach system, and will enhance our supply, helping us achieve our goal of increased reliability for customers in our northeastern Monmouth County service areas."
Customers will be receiving a letter from New Jersey American Water this week with information about the acquisition. New Jersey American Water is committed to ensuring a smooth transition for customers.
Shorelands was first established in 1926 as a supplier to the summer residents of West Keansburg. Under the guidance of the current owners since 1957, it grew to provide service to residents in the Bayshore communities of Hazlet, Holmdel, Union Beach, Keyport and Aberdeen, delivering approximately two billion gallons of water to customers annually.
New Jersey American Water, a subsidiary of American Water, is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.7 million people. More information can be found at www.newjerseyamwater.com.