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MarketScreener Homepage  >  Equities  >  Nyse  >  American Water Works Company, Inc.    AWK

AMERICAN WATER WORKS COMPANY, INC.

(AWK)
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New Jersey American Water : Completes Acquisition of Long Hill Township Sewer System

10/22/2020 | 01:20pm EST

Acquisition Adds 2,800 New Sewer Customers

New Jersey American Water today completed its acquisition of the sewer assets of the Township of Long Hill, N.J. for $12.7 million. This municipally owned sewer system serves approximately 2,800 customers, most of whom already receive water service from New Jersey American Water. The acquisition was approved by the New Jersey Board of Public Utilities on May 20, 2020.

“As Long Hill’s water company for more than 110 years, we are delighted to now also be the sewer service provider for this community,” said Cheryl Norton, president of New Jersey American Water. “We look forward to getting started in making the needed improvements so that the community’s sewer service is as safe, reliable and affordable as the water service we provide.”

The agreement to purchase the sewer system was approved by voters in Long Hill Township by a two-to-one margin in a referendum held in November 2019. As part of the acquisition agreement, New Jersey American Water committed to invest more than $13 million in critical sewer system improvements in the next five years. These improvements include pump station upgrades, sewer main lining and replacements to reduce the infiltration of stormwater, and treatment plant upgrades to reduce and ultimately eliminate the release of partially treated wastewater during heavy rain events. Additionally, the company will coordinate sewer and water pipeline replacements with the Township’s road paving schedule to minimize disruption.

“Selling the system to New Jersey American Water is the best solution for our town,” said Brendan Rae, Mayor, Long Hill Township. “The proceeds from the sale will eliminate our debt, freeing up over $1 million in our annual budget, but more importantly we expand upon the partnership we have with New Jersey American Water. Fixing our troubled sewer system is of critical importance to the Township and I’m confident New Jersey American Water will do just that in a responsible, cost-effective manner.”

Residents will receive additional information in the mail from New Jersey American Water in the coming weeks. A new webpage, Long Hill Sewer, has also been created on the company’s website at www.newjerseyamwater.com, under Customer Service and Billing. New Jersey American Water will also hire five, full-time employees to operate the sewer system.

About New Jersey American Water

New Jersey 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 approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.

About American Water

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 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to more than 15 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.


© Business Wire 2020
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Financials (USD)
Sales 2020 3 795 M - -
Net income 2020 704 M - -
Net Debt 2020 10 099 M - -
P/E ratio 2020 39,4x
Yield 2020 1,39%
Capitalization 27 867 M 27 867 M -
EV / Sales 2020 10,0x
EV / Sales 2021 9,61x
Nbr of Employees 6 800
Free-Float 96,8%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 156,31 $
Last Close Price 153,73 $
Spread / Highest target 13,8%
Spread / Average Target 1,68%
Spread / Lowest Target -26,5%
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Managers
NameTitle
Walter J. Lynch President, CEO, Chief Operating Officer & Director
Karl F. Kurz Non-Executive Chairman
M. Susan Hardwick Chief Financial Officer & Executive Vice President
George F. MacKenzie Independent Director
Julia L. Johnson Independent Director
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