Water Industry News
Aqua America acquires
small septage hauling business
Pa.--(BUSINESS WIRE)--May 18, 2006--Aqua America Inc.
(NYSE:WTR) announced today that its non-regulated subsidiary, Aqua
Wastewater Management, Inc. (Aqua), has acquired the assets of another
septage hauling business, significantly increasing the customer base
of the new business venture it began last spring.
Aqua purchased Leary and Higgins septage hauling
business of West
Chester, Chester County for $285,000. The business serves 1,500
residential and commercial customers in Chester County, adding to the
more than 2,000 customers Aqua currently serves as a result of its
acquisition of a similar company, Concord Wastewater Services, Inc. of
Delaware County, Pennsylvania in April 2005.
Like its existing septage hauling business, the new
provides commercial and residential wastewater services including
septic tank clean-outs and sludge and bulk wastewater hauling. Its
customer base includes Aqua America's water utility customers water
and wastewater facilities.
"These businesses are a natural complement to our
wastewater operations," said Aqua America Chairman Nicholas
DeBenedictis. "Much of their daily operation is in our regulated
utility's service area where we have a solid name and brand
recognition, which provides a significant opportunity to expand these
"Because Leary and Higgins provides the same
services in an
adjacent area, it can be easily integrated into our existing septage
operations," said Aqua Wastewater Management President Anthony J.
Donatoni. "It will give us more opportunities to provide additional,
cost-effective services to our water and wastewater customers."
Aqua America, Inc. is the largest U.S.-based
utility, serving more than 2.5 million residents in Pennsylvania,
Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana,
Virginia, Maine, Missouri, New York, and South Carolina. Aqua America
is listed on both the New York and Philadelphia Stock Exchanges under
the ticker symbol WTR.
This release contains forward-looking statements within
meaning of The Private Securities Litigation Reform Act of 1995 that
address, among other things, the effect of acquisitions of the
described businesses, possible benefits from the acquired operations,
and the expected timing of its acquisitions. There are important
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements
including: the risk that the acquired company's business will not be
successfully integrated; the costs related to the transaction; the
risk that anticipated benefits will not be obtained or will not be
obtained within the time anticipated; and other key factors that we
have indicated could adversely affect our business and financial
performance contained in our past and future filings and reports,
including those filed with the Securities and Exchange Commission.
Aqua America is not under any obligation--and expressly disclaims any
such obligation--to update or alter its forward-looking statements
whether as a result of new information, future events, or otherwise.