BRYN MAWR, Pa. (BUSINESS WIRE) - Philadelphia Suburban Corporation today announced that their Consumers Ohio Water Company (COWC) subsidiary has purchased the Summit County water system, which serves approximately 4,200 residents in the City of Green, for $2.3 million.
The acquisition is the sixth growth venture announced by PSC this year and the second for COWC.
PSC Chairman Nicholas DeBenedictis said he is pleased with the progress COWC has made with the implementation of its growth-through-acquisition strategy. "This is the fourth acquisition or management contract for our Consumers Ohio operations in less than 12 months," said DeBenedictis. "Ohio is one of the states where we expected to find growth opportunities and that has been our experience to date."
The Summit acquisition is the sixth growth venture PSC has announced this year for the entire company, which has operations in Pennsylvania, Ohio, Illinois, Maine and New Jersey. The other growth venture announcements made by PSC this year were:
Editors Note: This release contains certain forward-looking statements involving risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors include, among others, the following: general economic business conditions; the success of certain cost containment initiatives, changes in project schedules, project contingencies and variations in water purchases; changes in regulations or regulatory treatment; availability and cost of capital; and the success of growth initiatives.