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American Water Signs Agreement to Acquire Environmental Disposal Corporation
Dateline City:
VOORHEES, N.J.
Company Continues Emphasis on Growth in Wastewater
VOORHEES, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the nation’s largest publicly traded water
and wastewater utility company, today 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
EDC’s 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 EDC’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 Susan Story, president and CEO of
American Water. “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.”
Michael Leeder, president of EDC said, “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.”
Janney Montgomery Scott served as exclusive financial advisor to EDC.
Financial terms of the sale were not disclosed. American Water has filed
a petition with the New Jersey Board of Public Utilities and will
complete the acquisition upon approval.
Environmental Disposal Corporation is an investor-owned wastewater
utility that began operation in the 1980s to serve customers in The
Hills Development, located across portions of Bedminster and Bernards
Townships in New Jersey, which is now fully built-out. In addition, EDC
provides bulk wastewater treatment services under long-term agreements
with several surrounding communities.
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.
More information can be found at www.amwater.com.
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here to subscribe to Mobile Alerts for American Water.
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Language:
English
Contact:
American Water
Edward Vallejo
Vice President, Investor Relations
856-566-4005
edward.vallejo@amwater.com
or
Maureen Duffy
Vice President, Communications
856-309-4546
maureen.duffy@amwater.com
Ticker Slug:
Ticker: AWK Exchange: NYSE
Company Continues Emphasis on Growth in Wastewater
VOORHEES, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the nation’s largest publicly traded water and wastewater utility company, today 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 EDC’s 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 EDC’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 Susan Story, president and CEO of American Water. “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.”
Michael Leeder, president of EDC said, “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.”
Janney Montgomery Scott served as exclusive financial advisor to EDC.
Financial terms of the sale were not disclosed. American Water has filed a petition with the New Jersey Board of Public Utilities and will complete the acquisition upon approval.
Environmental Disposal Corporation is an investor-owned wastewater utility that began operation in the 1980s to serve customers in The Hills Development, located across portions of Bedminster and Bernards Townships in New Jersey, which is now fully built-out. In addition, EDC provides bulk wastewater treatment services under long-term agreements with several surrounding communities.
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. More information can be found at www.amwater.com.
Click here to subscribe to Mobile Alerts for American Water.
American Water
Edward Vallejo
Vice President, Investor Relations
856-566-4005
edward.vallejo@amwater.com
or
Maureen Duffy
Vice President, Communications
856-309-4546
maureen.duffy@amwater.com