Aqua America's North Carolina Subsidiary Acquires Water System
Aqua America, Inc. (NYSE: WTR) announced today that its North Carolina subsidiary has acquired the water utility system assets of Ideal Developing Corporation, which serves approximately 135 residents in the Rock Creek subdivision in Catawba County. Aqua paid $250 for the system.
The Rock Creek water system is classified as a “distressed” system by North Carolina regulators. Distressed systems need significant capital improvements and operational and managerial expertise to ensure an adequate supply of drinking water for their customers.
“This acquisition fits efficiently into Aqua's western North Carolina operations, which are based in the same area and already serve nearby customers,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “We're taking advantage of economies of scale to fill out our footprint, and we'll provide these customers with the water quality and service they need and deserve.”
Aqua North Carolina's Denver office in neighboring Lincoln County will manage operations.
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