Artesian Completes Acquisition of the Water Assets ofCECO Utilities, Inc.
NEWARK, Del.--(BUSINESS WIRE)-- Artesian Water Maryland, Inc., a subsidiary of Artesian Resources Corporation (NAS: ARTNA) , on Wednesday closed on its agreement to acquire the water assets of CECO Utilities, Inc., a small company serving approximately 160 customers in Cecil County, Maryland.
CECO's water system assets include mains, a treatment facility and a 200,000-gallon elevated water storage tank. Artesian is connecting the system to its Cecil County water system to ensure adequate water supply to CECO's customers in the communities of Pines at Cherry Hill and Manchester Park and to extend service to two public schools and a W.L. Gore plant.
"We are pleased to welcome our newest customers and extend our commitment to provide safe, reliable, affordable water service in Cecil County," said Dian C. Taylor, chair, president and CEO of Artesian Resources. "This year alone, we will have installed six miles of new water lines in Cecil County to link and expand our systems. We are building a system that will meet current and future demand in the county's designated growth area."
In the last several years, Artesian Water Maryland has invested nearly $20 million dollars to acquire and expand water systems in the eastern and western portions of Cecil County, with the ultimate goal of creating an integrated system with a reliable water supply.
Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and related services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula and has been providing superior water service since 1905. Artesian Water Maryland, Inc. began operations in August 2007 and now has water service franchise areas stretching from the Susquehanna River to the Delaware state line along Cecil County, Maryland's designated I-95/Route 40 growth corridor.
Tipton Communications (for Artesian Resources)
Dan Tipton, 302-454-7901
KEYWORDS: United States North America Delaware Maryland
The article Artesian Completes Acquisition of the Water Assets of CECO Utilities, Inc. originally appeared on Fool.com.
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