Fair market value transaction yields 2,100 connections in Chester County
BRYN MAWR, Pa.--(BUSINESS WIRE)--Dec. 22, 2020--
Essential Utilities Inc. (NYSE: WTRG) today announced its largest subsidiary, Aqua Pennsylvania, acquired the wastewater assets of New Garden Township, serving approximately 2,100 customer connections in southeast Pennsylvania’s Chester County.
“This purchase, like other wastewater systems we’ve purchased recently, is part of Aqua’s efforts to do its part to strengthen wastewater infrastructure for communities in the states we serve, which means improved service and environmental stewardship for generations to come,” said Essential CEO Christopher Franklin.
“We’re very pleased to welcome New Garden Township residential and business customers to the Aqua family and look forward to providing them the highest level of service and value,” said Aqua Pennsylvania Wastewater President Marc Lucca. “We hope more communities take advantage of the benefits the fair market value legislation can bring.”
Lucca said that the company has already engaged two community non-profits, each of which it has committed to give $5,000. The Garage Community and Youth Center located in southern Chester County provides youth development programs to vulnerable middle and high school students in Kennett Square and West Grove. Since the COVID-19 pandemic, the garage has filled the gap in needs for food and supplies, distributing more than $40,000 of goods and operating 3 community classroom locations where students can attend virtual school during the day with access to adult tutors, Wi-Fi, meals, and English language and social-emotional support. "The Garage is grateful for the support of Aqua and The Essential Foundation to continue these essential services, which ensure that all of our community's youth have equitable access to education during this difficult school year," said, The Garage Community & Youth Center Executive Director Kristin Proto. The Friends of the New Garden Trails is a committee of the White Clay Watershed Association, which is dedicated to the creation, preservation and protection of public trails in New Garden Township. “This generous donation from Aqua and the Essential Foundation is very much appreciated as it will help further the organizations mission of providing trails for township residents to walk, exercise, meet neighbors, appreciate nature, and explore local history. Donations and grants are essential to maintain and expand the trail system,” said Executive Committee Member and Grant Writer Don Peters.
New Garden is the eighth acquisition completed by Essential’s Aqua companies since December of 2019. Collectively, these acquisitions have added approximately 18,500 wastewater connections and 4,000 water connections to the company.
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
About Aqua Pennsylvania Wastewater
Aqua Pennsylvania Wastewater is a subsidiary of Aqua Pennsylvania and serves approximately 43,000 connections in 16 counties throughout the Commonwealth of Pennsylvania. Visit AquaAmerica.com for more information or follow Aqua on Facebook at facebook.com/MyAquaAmerica and on Twitter at @MyAquaAmerica.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; the receipt of governmental approvals; the successful closing of the acquisitions; the successful integration of the customers and the facilities; successful donation efforts to organizations; effects of pandemics or other widespread health problems; and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential Utilities’ business, please refer to Essential Utilities’ annual, quarterly and other SEC filings. Essential Utilities is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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Donna Alston
M: 484.368.4720
Media@Essential.co
Source: Essential Utilities Inc.
