Essential Utilities’ Aqua Pennsylvania Subsidiary Acquires Lower Makefield Twp. Assets
March 04 2022 - 12:56PM
Business Wire
Acquisition pushes Aqua Pennsylvania’s water
and wastewater customer base above milestone of 500,000 customer
connections
Essential Utilities Inc. (NYSE: WTRG) today announced that its
Aqua Pennsylvania subsidiary has acquired the wastewater system of
Lower Makefield Township, which serves approximately 11,000
customer connections in Lower Makefield, Falls and Middletown
townships, and Yardley Borough, Bucks County Pa., for $53 million.
The acquisition brings Aqua Pennsylvania’s total number of customer
connections to more than 500,000.
“We are proud to be part of the wastewater solution in the
communities we serve and are pleased to welcome the customers of
Lower Makefield wastewater system to those we serve,” said Chairman
and CEO Christopher Franklin. “We are proud that Lower Makefield
leadership has put their trust in our company and has demonstrated
confidence in our team to provide excellent service to their
residents.”
Lower Makefield is the first acquisition completed by
Essential’s regulated water segment in 2022. The company currently
has seven additional signed purchase agreements for water and
wastewater systems, which have a total purchase price of more than
$418 million and represent approximately 224,000 equivalent retail
customers or equivalent dwelling units.
Aqua Pennsylvania President Marc Lucca said, “The Aqua
Pennsylvania team and I are committed to delivering excellent
customer service to the residents of Lower Makefield Township and
are already hard at work preparing to provide quality wastewater
services to the community. Our plans include investing $10 million
in infrastructure improvements to the wastewater system in the
first 10 years, which will improve services and avoid the
environment impact from sanitary sewer overflows.”
Franklin followed saying, “In addition to the investment we will
make to ensure the reliability of their wastewater system, through
the Essential Foundation, we are also proud to make a meaningful
donation to the Lower Makefield Township Community Foundation,
which supports environmental sustainability through its
contributions to stream cleanups and tree-planting as well as other
community needs. We look forward to continuing our work in the
Lower Makefield community and building strong relationships with
our customers.” Lower Makefield Township Manager Kurt Ferguson
said, “We’re excited and grateful to receive this donation that
will help our community and its residents as we continue to
participate in activities that will ensure the health of our
residents and community.”
Aqua Pennsylvania serves approximately 1.5 million people in 32
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.
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.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including. There are important factors that could cause actual
results to differ materially from those expressed or implied by the
forward-looking statements including: general economic business
conditions; the successful integration of the customers and the
facility; 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.
WTRGF
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version on businesswire.com: https://www.businesswire.com/news/home/20220304005467/en/
Sarah Courtright 267.391.9302
Brian Dingerdissen Investor Relations 610.645.1191
media@Essential.co
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