Lawrence Township, New Jersey water system bought by Aqua America
WaterWebster.org Staff Report
Aug. 12, 2009
The Lawrenceville Water Company has been purchased by Aqua America for $3.3 million, including assumption of $400,000 in debt, Aqua America announced today. The water company serves 8,000 people in Lawrence Township, New Jersey.
Aqua American Chairman and CEO Nicholas DeBenedictis said in a news release the acquisition increases the company's New Jersey customer base by five percent. Aqua America subsidiary Aqua New Jersey, Inc., will operate and manage the Lawrenceville system.
DeBenedictis said Aqua New Jersey anticipates making needed capital improvements including installing new mains, a new radio frequency metering system, and improvements to its well treatment systems.
Aqua America said Lawrenceville is the fourteenth company acquired this year. Lawrence Township is located in central New Jersey, half way between Princeton and Trenton, the state capitol.
Aqua America is a publicly traded water and wastewater utility holding company with operating subsidiaries serving approximately three million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Florida, Indiana, Virginia, Maine, Missouri and South Carolina. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR.
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