Southwest Water Company acquired two water and wastewater utilities for $4 million in common stock on October 1, 2000.
The acquisition of Windermere Utility Company and Hornsby Bend Utility Company will enable Southwest Water to expand its already strong presence in a rapidly growing area in the suburbs of Austin, Texas. The Texas Natural Resources Conservation Commission has approved the transaction.
"Owning these utilities is of significant benefit to Southwest Water," said Anton C. Garnier, president and chief executive officer. "They serve an area that has been designated as a preferred growth corridor by the City of Austin. Therefore, we are very excited about the opportunities for future expansion."
Windermere and Hornsby Bend currently provide water and wastewater service to approximately 4,000 homes. ECO Resources Inc., Southwest Water's contract operations subsidiary, will continue to provide management and operational services to the two utilities.
Currently, ECO Resources manages and operates approximately 40 water and wastewater systems in the immediate Austin area, providing service to approximately 100,000 people.
Southwest Water Company provides a broad range of services, including water production and distribution, wastewater collection and treatment, and utility submetering. The company owns regulated public utilities and also serves cities, utility districts and private companies under contract.
SOURCE: Business Wire