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Artesian Water Company, Inc. announces acquisition of the Delaware City Water System
NEWARK, Del., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Artesian Water Company, Inc., a subsidiary of Artesian Resources Corporation (NASDAQ: ARTNA), purchased the
About this update from Artesian Resources Corporation
[{"type":"text","content":"NEWARK, Del., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Artesian Water Company, Inc., a subsidiary of Artesian Resources Corporation (NASDAQ: ARTNA), purchased the water system of Delaware City in New Castle County, Delaware, which serves a population of nearly 2,000, on August 3, 2020. This acquisition is the culmination of a long-standing relationship between Artesian and Delaware City. \n Artesian has actively operated Delaware City’s water system on a contract basis for 17 years. Under these contracts, Artesian has been responsible for operating the water treatment plants, maintaining plant equipment, making distribution system repairs, providing 24/7 emergency dispatch, and handling billing and collection services. Along with open communication, this strong collaboration will allow the transition of the acquisition to be seamless for customers. Artesian has been providing high quality water service in Delaware for 115 years. This acquisition will be Artesian’s 7th over the past three years, including the Slaughter Beach Water Company, High Point, Cantwell, Odessa, Historic Fort DuPont, and most recently Frankford water systems. “We are proud that Delaware City chose Artesian to provide water service to its residents,” said Dian C. Taylor, Chair, President and CEO of Artesian. “We have forged a strong partnership with Delaware City over the past 17 years and will be making significant investments to ensure the residents of Delaware City receive high quality, reliable water service,” said Taylor. As part of this acquisition, Artesian will invest over $2.4 million in enhancing Delaware City’s water system. The investment will include upgrading water meters to new technology, replacing aging water main and services, and installing more efficient pumps and treatment. Additionally, Artesian will interconnect the Delaware City water system with the neighboring Fort DuPont water system, which was acquired by Artesian in 2017. Connecting these neighboring systems will provide improved water pressure for residents of Delaware City, improve fire protection flows, and ensure multiple sources of ground water supply for enhanced reliability. The Historic Fort DuPont area is currently being redeveloped and revitalized. The 325-acre area is planned to be a 600-unit residential waterfront community, with many anticipated retailers and businesses. “...