Water Stock News; New York American Water (a subsidiary of American Water (NYSE: AWK)) Acquires Lucas Estates Water Company in Ulster County
State's Largest Investor-Owned Water Utility Continues Upstate Growth
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MERRICK, N.Y. - August 4, 2014 (Investorideas.com Water Stocks Newswire) New York American Water today announced that it has acquired the water system assets of the Lucas Estates Water Company. New York American Water will provide water service to the more than 30 customer accounts, which are located in the Town of Rochester, Ulster County, NY. Financial terms of the sale were not disclosed.
This acquisition continues the expansion of the company's operations into upstate New York, north of its historical Long Island base. Last month, the company announced the acquisition of the Mt. Ebo Water Works and Mt. Ebo Sewage Works in the Town of Southeast, NY.
"Increasingly stringent environmental regulations coupled with the ongoing need to invest capital into a modern water system creates significant obstacles for small systems with limited resources," said William M. Varley, president of New York American Water. "Our new customers in Lucas Estates will benefit from our operational and engineering expertise, as well as our commitment to make the necessary capital investment to ensure water service that meets and routinely surpasses state and federal water standards."
"My father started this company as a means of providing water from his well to his neighbors," said owner Rose Esposito. "My husband Joe and I are thrilled to see it run by experienced people who operate systems like this day in and day out. We are confident this is best for our customers."
New York American Water, a subsidiary of American Water (NYSE: AWK) -, is the largest investor-owned water utility in the state, providing high-quality and reliable water services to more than 370,000 people.
Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 6,600 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 14 million people in more than 40 states and parts of Canada. More information can be found by visiting www.amwater.com.
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