Philadelphia Suburban
Water Company (PSW), the largest subsidiary of Philadelphia Suburban
Corporation (NYSE:PSC), announced today that it has purchased the
Fulmor Heights water system in a transaction valued at $160,000.
Fulmor Heights serves approximately 1,000 residents in the development of the same name in Hatboro Borough, Montgomery County.
PSW paid the association $40,000 in cash and will make
approximately $120,000 of capital improvements to the system including
new pipe, 15 new fire hydrants, and new individual meters with
automatic reading devices for each of the 310 homes. The community
will benefit from improved water pressure and fire protection as a
result of the planned capital improvements.
The acquisition is the fourth growth venture announced by PSC this
year. The others are:
-- PSW's reached and agreement of sale to purchase the Whitehorse
Village retirement community water system that includes 500 living
units and a 100-bed hospital in Edgmont Township, Delaware County.
-- Consumers New Jersey Water Company was awarded a three-year
contract award to provide meter reading, billing and cash remittance
services to the Winslow Township municipal water system in Camden
County which provides water and wastewater services to approximately
30,000 residents.
-- PSW's wastewater division purchased of the Twin Hills
wastewater system that serves approximately 750 residents in West
Pikeland Township, Chester County.
PSC is one of the largest investor-owned water utilities in the
nation and serves nearly two million people through its water and
wastewater utility operations in Pennsylvania, Ohio, Illinois, New
Jersey and Maine.
CONTACT: Philadelphia Suburban Corporation
Donna Alston, Director, Communications, 610/645-1095
alstond@suburbanwater.com
