New Jersey American Water signs agreement to acquire Shorelands Water Company
American Water has signed an agreement to acquire the Shorelands Water Company, a privately owned water utility that provides water services to more than 11,000 customer accounts in Monmouth County, New Jersey.
Financial and other details of the sale were not divulged.
The deal is subject to the review and approval of the New Jersey Board of Public Utilities.
New Jersey American Water president Bill Varley said: “This important acquisition provides a direct link with our water system serving the community of Union Beach, enhancing supply to the northeastern sections of Monmouth County that we serve.
"The strength of the Shorelands system will help New Jersey American Water achieve a goal of increased reliability for customers without the need for additional projects that were being evaluated.”
Shorelands was set up in 1926 as a supplier in West Keansburg. Currently, Shorelands delivers approximately two billion gallons of water to its customers annually.
Once the deal is completed, it will continue the expansion of New Jersey American Water’s operations.
Earlier this year, American Water closed the acquisition of Environmental Disposal Corporation and New Jersey American Water purchased the former Roxiticus Water Company in Mendham Township and began providing water and wastewater service to Elk Township.
New Jersey American Water is a subsidiary of American Water.
It is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.7 million people.