Aqua America Inc. (WTR: Quote) announced that its Virginia subsidiary, Aqua Virginia Inc., has acquired the water system assets of Fox Run Water Co., Inc. and Moseley-Nash Enterprises Inc. for approximately $400,000. The 26 water systems serve about 3,500 people and businesses in several counties primarily surrounding Lake Gaston near the North Carolina border.
Aqua said it plans to spend approximately $1.4 million on environmental and capital improvements over the next five years including disinfection and treatment equipment for all water sources; filters to clear up discoloration, such as iron, where needed; and new wells and pipes to provide adequate water supply and pressure. Aqua also plans to install new radio-frequency meters, which can be read remotely.
Aqua America also anticipates completing the acquisition of 12 Fox Run water systems in North Carolina later this year.
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by RTT Staff Writer
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