Indiana American Water Acquires Lake Station Water System in Northwest Indiana
GREENWOOD, Ind.--(BUSINESS WIRE)--Oct 22, 2019--
Indiana American Water President Matt Prine today announced the company’s acquisition of the City of Lake Station’s water system in northwest Indiana. The purchase of the system adds more than 3,270 water customers, representing a population of more than 8,800 residents, to the company’s customer base.
“Indiana American Water already provides water service to much of northwest Indiana, so this is a good fit for us,” said Prine. “The acquisition provides access to operations and customer service professionals for Lake Station residents and broadens the footprint of Indiana American, allowing existing customers to benefit from efficiencies in delivering service and the ability to attract capital for investment in the system.”
“Communities are looking for new and innovative ways to deal with challenges they’re facing and hold the bottom-line on expenses,” Prine continued. “This acquisition is a great solution for the City and its customers.”
Lake Station Mayor Christopher Anderson also expressed his support of the acquisition.
“The acquisition of our water system by Indiana American Water has several benefits to our community, including additional local and property tax revenues, the expertise and resources to address system and aging infrastructure issues, and significant proceeds from the sale to help us address financial challenges and other pressing community needs,” said Anderson. “This sale will position our community for continued growth and prosperity well into the future.”
The acquisition of the Lake Station water system for approximately $20.68 million was approved by the Indiana Utility Regulatory Commission in August 2018 and closed by Indiana American Water and the City of Lake Station on Tuesday, October 22, 2019. The closing was delayed by appeals which have now been resolved. The Lake Station system will be incorporated into the company’s Northwest Indiana Operations, which currently serves more than 250,000 residents.
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to more than 1.3 million people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,100 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to more than 14 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
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CONTACT: Joe Loughmiller
KEYWORD: UNITED STATES NORTH AMERICA INDIANA
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SOURCE: Indiana American Water
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PUB: 10/22/2019 05:19 PM/DISC: 10/22/2019 05:19 PM