Aqua America's non-regulated
subsidiary, Aqua Wastewater Management, Inc. (Aqua), has
acquired the assets of Concord Wastewater Services, Inc.
(Concord) and Golden Mechanical, Inc. (Golden) of Delaware
County, Pennsylvania for $700,000. The acquisition of these
businesses represents Aqua America's first venture into this
specialized area of the wastewater services business.
"We feel this is a natural and complementary extension of our growing regulated wastewater business," said Aqua America Chairman Nicholas DeBenedictis. "This is a significant opportunity to expand our wastewater business, which our strategic plan has targeted to grow."
"We are constantly looking for ways to provide increased, cost-effective services to our water and wastewater clients and customers," said Aqua Wastewater Management President Anthony J. Donatoni. "These new businesses make good sense for us because they allow us to deliver enhanced wastewater services that we previously didn't offer."
Donatoni said the transition will be relatively transparent to Concord's and Golden's customers as all the former employees of both companies will join Aqua.
Aqua America, Inc. is the
largest U.S.-based publicly-traded water utility, serving more
than 2.5 million residents in Pennsylvania, Ohio, North
Carolina, Illinois, Texas, Florida, New Jersey, Indiana,
Virginia, Maine, Missouri, New York, and South Carolina. Aqua
America is listed on both the New York and Philadelphia Stock
Exchanges under the ticker symbol WTR.