American Water Unit's Wastewater System Buyout Gets Nod
Zacks Investment Research | Sep 27, 2016 09:17PM ET
A subsidiary of water utility American Water Works Company Inc. (NYSE:AWK) , Kentucky American Water has received the necessary approval from the Kentucky Public Service Commission to purchase Classic Construction, Inc.’s wastewater system.
The assets earmarked for the acquisition serve Franklin County’s Ridgewood subdivision and some adjoining areas. Kentucky American Water is expected to offer wastewater services to customers in the area starting Oct 7.
Kentucky American Water has an excellent reputation for its customer services, which will now be extended to residents in the Ridgewood area.
Customer Additions
The purchase will add nearly 107 customers to American Water Work’s existing customer base, which is seemingly negligible compared to the company’s present 15 million across 47 states in the U.S. and in Ontario, Canada.
American Water Works’ management aims to add 55,400 customers through acquisitions in 2016 and the latest transaction is a step in that direction.
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