Suburban Subsidiary Acquires Wastewater System in Chester County Pennsylvania
BRYN MAWR, Pa.--(BUSINESS WIRE)--Oct. 18, 2002--Suburban Wastewater Company (SWC), the wastewater subsidiary of Philadelphia Suburban Corporation's Pennsylvania subsidiary, today announced that it has purchased the Bridlewood wastewater system that serves approximately 1,500 residents of the recently developed Brandywine at Thornbury Community in Thornbury Township, Chester County, for approximately $200,000.
The acquisition was the result of an agreement of sale reached earlier this year with K. Hovnanian, the community's developer and owner of the wastewater system.
"At the request of the township, we began operating the Bridlewood system in April, shortly after we reached the sale agreement with Hovnanian," said SWC President Anthony J. Donatoni. "We are excited about our new role as owners and operators of the Bridlewood system, which allows us the opportunity to extend our wastewater expertise to the residents of Thornbury Township on an ongoing basis."
Thornbury Township Manager Karen Mulligan said, "We are pleased to have SWC assume ownership and continue operations of the Bridlewood system. The company has demonstrated superior expertise in wastewater services and operations and we look forward to continued quality service and compliance for the residents."
Bridlewood is SWC's third acquisition this year and increases the company's customer base consistent with PSC's interest in growing in the wastewater business to complement its existing drinking water operations. With the Bridlewood acquisition, SWC now provides service to more than 30,000 people, making it one of the largest private wastewater utilities in Pennsylvania.
PSC serves approximately two million residents in Pennsylvania,
Ohio, Illinois, New Jersey, Maine, and North Carolina. PSC is a publicly traded company
listed on both the New York and Philadelphia Stock Exchanges under the ticker symbol
"PSC" and has been committed to the preservation and improvement of the
environment throughout its history, which spans more than 100 years.