BRYN MAWR, Pa., June 14, 2002 -- Consumers Pennsylvania Water Co. (CPWC), a subsidiary of Philadelphia Suburban Corp., has purchased the water system assets of the Shickshinny Lake Association, serving approximately 300 residents in Union Township, Luzerne County.
This is the fifth transaction in Northeastern Pennsylvania, a new area of concentration for PSC's growth-through-acquisition strategy.
CPWC assumed operations of the troubled water system in September 2001 and has made improvements to the system, including new interconnects to equalize pressure for the system. CPWC plans to install radio frequency meters soon. The acquisition is valued at $205,000 including system improvements.
PSC Chairman Nicholas DeBenedictis said, "The acquisition of Shickshinny Lake Association's water system is a natural one for us. Since assuming operations of the company nearly a year ago we have made significant upgrades and are happy to be providing quality water to residents in this new housing development."
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.
