Philadelphia Suburban Subsidiary Purchases Monroe Manor Water
Philadelphia Suburban Corp. has further expanded its utility operations in Northeastern Pennsylvania with the acquisition of Monroe Manor Water Co., a private utility serving nearly 840 residents in Monroe Township, Snyder County in a merger transaction valued at $1.2 million.
The system will be operated by PSC's Consumers Pennsylvania offices in Shamokin, Pennsylvania. This acquisition follows within one week of the acquisition of the nearby system known as Rolling Green.
PSC Chairman Nicholas DeBenedictis said, "We look forward to bringing our water quality expertise to an increasing number of Pennsylvania residents. With this, our seventh growth venture in this area, we continue our commitment to development in Central and Northeastern Pennsylvania."
PSC and its operating subsidiaries have announced 14 growth ventures this year. The other six that include water systems in Northeastern Pennsylvania include:
1. February 2002 - Pennsylvania Suburban Water Co. purchased the water system assets of Citizens Water Co. of Wapwallopen, which serves approximately 180 residents in Conygham Township, Luzerne County.
2. March 2002 -Consumers Pennsylvania Water Co. subsidiary purchased the water and wastewater system assets of the White Haven Municipal Authority, serving nearly 3,000 residents in Luzerne and Carbon counties.
3. April 2002 - PSC's Suburban Environmental Services (SES) subsidiary entered into a one-year contract with Foster Township, Luzerne County, to provide operations and maintenance services for the Hickory Hills wastewater collection and treatment facilities (approximately 850 residents) and the Ag-Mar Village Estates wastewater collection and treatment facilities (approximately 300 residents).
4. May 2002 - Consumers Pennsylvania Water Co. (CWC) purchased the water system assets of the Schickshinny Lake Property Owner's Association, which serves 350 residents in Union Township, Luzerne County. CWC had been operating the system since September 2001 under an operations and management agreement.
5. June 2002 - Pennsylvania Suburban Water Company acquired National Utilities, Inc., a private utility serving nearly 9,000 residents in Lackawanna, Luzerne, Monroe, Susquehanna and Wyoming counties.
6. July 2002 - PSC acquired the Rolling Green water system that serves 1,300 customers in Monroe Township, Snyder County.
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