New Name Reflects U.S. Roots, Domestic Base
Officers of Philadelphia Suburban Corporation rang The Closing Bell(TM) today at the New York Stock Exchange commemorating the change of its name to Aqua America, Inc., and its ticker symbol to WTR to reflect its position as the nation's largest publicly-traded water utility based in the United States.
The formal name change is effective at 11:59 p.m. EST. Because the stock market is closed for Martin Luther King Day, Aqua America will trade under its new name and ticker on the next business day, Tuesday, January 20, 2004.
Aqua America traces its roots to a local water utility in Delaware County Pennsylvania founded in 1886 and now serves approximately 2.5 million residents in 14 states. "Thanks to our successful growth-through-acquisition strategy, our company has experienced tremendous growth," explained Aqua America Chairman Nicholas DeBenedictis. "In the past 10 years, our customer base has grown by more than 300 percent, transitioning us from a regional company in southeastern Pennsylvania to a 14-state company that provides water and wastewater service to approximately 2.5 million people. We are now the largest U.S.-based, publicly-traded water utility operating in multiple regions of the country. This weighed heavily in the decision to change the company's name. The Aqua America name is perfect for our new expanding footprint in the water utility sector as it clearly states our business focus and demonstrates our position as a large domestic water utility."
The company will incorporate the term Aqua into the names of its state water and wastewater operations which also will carry the name of the state in which it does business. For instance, its Pennsylvania subsidiary will be named Aqua Pennsylvania, Inc. While the Pennsylvania subsidiary will have its name changed simultaneously with Aqua America, some subsidiaries in other states will require additional approvals before changing their names. The company's non-regulated businesses will be consolidated in Aqua Services, Inc. Aqua America's new Web address will be aquaamerica.com.