American Water Completes Acquisition of Shorelands Water Company
Acquisition Will Grow New Jersey American Water Footprint by over
VOORHEES, N.J.--(BUSINESS WIRE)--
American Water (NYSE: AWK), the nation's largest publicly traded water
and wastewater utility company, announced today that it completed its
acquisition of the Shorelands Water Company, a privately owned water
utility that provides water services to more than 11,000 customer
accounts in Monmouth County, N.J. The acquisition was approved by the
New Jersey Board of Public Utilities (BPU) on March 24, 2017. The
purchased assets will become part of New
Jersey American Water. Additionally, 14 employees accepted offers to
remain with the utility as New Jersey American Water employees.
"New Jersey American Water is proud to be the new water service provider
for our new Shorelands customers. We have been providing safe, reliable
service to customers in the state for more than a century, and we are
committed to delivering that same standard of excellence to these new
customers," said Robert MacLean, president of New Jersey American Water.
"This new system connects to our existing Union Beach system, and will
enhance our supply, helping us achieve our goal of increased reliability
for customers in our northeastern Monmouth County service areas."
Customers will be receiving a letter from New Jersey American Water this
week with information about the acquisition. New Jersey American Water
is committed to ensuring a smooth transition for customers.
Shorelands was first established in 1926 as a supplier to the summer
residents of West Keansburg. Under the guidance of the current owners
since 1957, it grew to provide service to residents in the Bayshore
communities of Hazlet, Holmdel, Union Beach, Keyport and Aberdeen,
delivering approximately two billion gallons of water to customers
New Jersey American Water, a subsidiary of American Water, is the
largest investor-owned water utility in the state, providing
high-quality and reliable water and/or wastewater services to
approximately 2.7 million people. More information can be found at www.newjerseyamwater.com.
With a history dating back to 1886, American Water (NYSE: AWK) is the
largest and most geographically diverse publicly traded U.S. water and
wastewater utility company. The company employs 6,800 dedicated
professionals who provide regulated and market-based drinking water,
wastewater and other related services to an estimated 15 million people
in 47 states and Ontario, Canada. More information can be found by
here to subscribe to Mobile Alerts for American Water.
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Vice President, Investor
External Communications Manager
Source: American Water
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