VOORHEES, N.J., January 15, 2002 -- American Water Works Company Inc. announced today that it has completed the acquisition of the water and wastewater assets of Citizens Communications Company for $859 million in cash and $120 million of assumed liabilities.
As a result of the acquisition, American Water Works will serve more than one million additional people in Arizona, California, Illinois, Indiana, Ohio and Pennsylvania.
American Water Works' President and Chief Executive Officer J. James Barr described the transaction as "a perfect fit for American Water Works Company - one that will deliver value for our customers, shareholders and the communities we serve." Barr noted that the company already has operations in each of the six states.
In Arizona and California, the transaction adds approximately 585,000 people to the 330,000 people American Water Works already serves in these states. In Illinois, Indiana and Ohio, 306,000 people have been added, further expanding the company's already significant presence in the Midwest. In Pennsylvania, the number of people served increases by 130,000. American Water Works continues to have a significant presence in Pennsylvania with a service population of more than 2 million. The transaction will also expand American Water Works' presence in the wastewater sector by more than 260,000 people.
"We are pleased to officially welcome nearly 300 new associates to the American Water Works' family," said Barr. "The knowledge and experience that we share going forward is certain to work to our customer's advantage."
About American Water Works
American Water Works Company is the largest publicly traded U.S. corporation devoted exclusively to the business of water. Its 6,600 associates provide water, wastewater and other related services to nearly 16 million people in 29 states and three Canadian provinces. More information can be found on the web at www.amwater.com.
