American Water Works utility New Jersey American Water Thursday said it agreed to acquire the water system in South Orange Village, New Jersey, for $19.7 million.
The purchase is expected to close during the H2, and follows a referendum by residents last November that won support by 62% votes, the company said.
As part of the agreement, American Water is committing $50 million for system improvements over the next decade, including identifying and replacing all utility- and customer-owned lead and galvanized service lines by 2031.
The company will also replace all four-inch water mains and fire hydrants on the 5,000-connection network, as well as rehabilitate the main reservoir and the Newstead Watersphere, it said.
Price: 137.56, Change: -0.26, Percent Change: -0.19
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。