Illinois American Water buys Granite City wastewater collection assets
Author : Saipriya Iyer | Published Date : 2019-12-27
An American Water subsidiary, Illinois American Water has reportedly signed an agreement with Granite City to acquire its wastewater collection system. Illinois American Water will seek permission for the acquisition from the Illinois Commerce Commission. The firm aims at closing the transaction by the end of 2020.
The contract of sale of the wastewater collection assets, that cater to over 12,500 customers, is valued at USD 18 million.
Bruce Hauk, President, Illinois American Water, was reportedly quoted stating that the company has focused on providing reliable and safe drinking water to Granite City since 1885.
For the record, permission for the pending transaction will be registered under the Illinois Systems Viability Act, which authorizes municipalities in the region to sell water and wastewater assets at a fair market value-based cost. Before the Systems Viability Act, the valuation procedure was based on determining the original cost at the time of construction- that could be 50 years old or more – less cost of depreciation and contributed property.
Additionally, Illinois American Water has also inked a purchase agreement with Leonore, Andalusia, Sydney and Shiloh villages, along with and cities of Jerseyville and Rosiclare.
Illinois American Water is a prominent investor-owned water utility that renders superior-quality, reliable and safe water and wastewater services to nearly 1.3 million citizens.
American Water is a leading and most regionally diverse U.S. publicly traded water and wastewater utility enterprise. The company employs over 7,100 committed professionals who deliver regulated and market-based drinking water, wastewater, and other services to nearly 14 million people across 46 states. American Water supplies cost-effective, reliable, safe and continuous water services to the customers.
Illinois American Water had bought Alton Regional Wastewater System in 2019, as well as Village of Glasford’s water and wastewater assets and Village of Godfrey’s wastewater system.
Source Credits: https://www.businesswire.com/news/home/20191226005063/en/Illinois-American-Water-Signs-Agreement-Acquire-Granite
About Author
Saipriya Iyer . .
Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i
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