BRYN MAWR, Pa., June 28, 2002 -- Philadelphia Suburban Corp. has expanded its utility operations in Northeastern Pennsylvania with the acquisition of National Utilities, Inc., a private utility serving nearly 9,000 residents in Lackawanna, Luzerne, Monroe, Susquehanna and Wyoming counties. The acquisition is valued at $3.7 million.
PSC acquired the troubled water system at the encouragement of the Pennsylvania Public Utility Commission and received low-interest PENNVEST funding to aid in making immediate improvements to the system. The company plans to invest approximately $1.8 million in system upgrades to ensure that customers have a quality water supply and reliable service.
The system will be operated out of PSC's Consumers Pennsylvania offices in White Haven, Luzerne County.
As part of the transaction, PSC's Suburban Wastewater subsidiary also purchased the wastewater system assets of the Rivercrest Public Service Corporation, serving nearly 500 residents in Wyoming County.
"We were pleased to work with the state regulators to buy this system and look forward to working with the customers to bring the system's quality of water up to PSC's standards of excellence," said PSC's Chairman Nicholas DeBenedictis. "More than half of the growth ventures PSC has announced this year have been in this area of the state, which is experiencing growth due, in part, to individuals relocating from New York and New Jersey."
PSC is the holding company for regulated public utilities that provide water and wastewater services to approximately two million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine, and North Carolina. PSC's common shares are traded on both the New York and Philadelphia Stock Exchanges under the ticker symbol "PSC".
The company has been committed to the preservation and improvement of the environment throughout its history, which spans more than 100 years.
