Hydraulics Ltd. acquires water company. (Newsline: for the latest industry developments).
Hydraulics acquired the troubled water company at the encouragement of the Public Staff of the North Carolina Utilities Commission. The acquisition was valued at $212,000 including planned upgrades to the utility, which is made up of six separate water systems including Brentwood, Carden Creek, Cedar Terrace, Lake Ridge, Timber Lake and Willow Hills.
Philly Suburban Chairman Nicholas DeBenedictis said the acquisition is its second in North Carolina this year. PSC entered the North Carolina region in 2000 with the $1.1 million purchase of Mid-South Utilities Inc., Sherrills Ford, NC. The company expanded its presence in the region in 2001 with the $4.5 million acquisition of Hydraulics Ltd., in Greensboro, NC. In April, Hydraulics acquired Piedmont Water Company and expanded its service to more than 25,000 residents and 22 counties in the region.
PSC is the holding company for regulated public utilities that provides water and wastewater services to approximately two million residents in Pennsylvania, Ohio, Illinois, New Jersey, Maine, and North Carolina.
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|Date:||Jul 1, 2002|
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