American Water, a New Jersey based public utility firm active the U.S. and Canada, reportedly announced to sell off its regulated operations in New York to Liberty Utilities Co., a Canadian owner and operator of regulated water, power utilities and wastewater across 14 states of the United States. Liberty Utilities is the subsidiary of Algonquin Power & Utilities Corp.
With more than 800,000 customers across 14 states, Liberty Utilities is well-known for its dedication towards consumer service, the conservation and community. The company upholds the highest service standards to meet the daily needs of its consumers and provides employee programs that identify superior customer support as well as contribution to the area.
CEO and President of American Water, Susan Story stated that the decision to sell the New York operations was tough for the company since it has served the customers and communities of New York for over 130 years. After a comprehensive and careful analysis, the company believes that it is in the best interest of New York’s customers to sell the operations to Liberty Utilities.
Story further added that Liberty already has a water utility network, this network would further grow once the transaction is completed. The company is committed to operate together to make sure that the transition is unnoticeable to the company’s customers. The company would also take care that reliable and safe water is supplied to customers during the transition and beyond.
Chief Executive Officer at Algonquin, Ian Robertson stated that the company is thrilled to extend its customer base in New York, and to bring its experience across multiple states as a water utility regulator committed to excellence.
Robertson added that the company also looks forward to welcoming American Water’s employees to Liberty Utilities workforce.
There won’t be any job cuts due to the acquisition. The company has committed to maintain the employment terms for next two years following the closure including keeping of benefits and salaries that are comparable for American Water New York employees.
Source credit: https://pr.amwater.com/news-releases/news-release-details/american-water-announces-agreement-sell-its-regulated-0