Virginia American Water Signs Agreement to Purchase Town of Waverly Drinking Water System
ALEXANDRIA, V.A. – April 30, 2021 – Virginia American Water announced today it has signed an agreement to acquire the drinking water assets of the Town of Waverly, Virginia for up to $2.5 million, pending appraised values and regulatory approvals. This municipally owned water system serves approximately 905 customers.
Before completing the acquisition, Virginia American Water must obtain approval by the Virginia State Corporation Commission. The Town of Waverly and Virginia American Water anticipate completing the acquisition later in 2021, following approval from the Virginia State Corporation Commission.
As part of the acquisition agreement, Virginia American Water will invest more than $4 million in future critical water system improvements that include water main replacements, valve installation, upgrades to the chemical feed systems, improvements to wells and tanks, as well as numerous other projects to enhance safety and security measures and system reliability.
“The sale of Waverly's water system to Virginia American Water provides a long-term solution for the town’s water challenges. It also provides an infusion of capital to focus on the town’s pressing community needs,” said Barry Suits, president of Virginia American Water. “This acquisition, once approved by the Virginia State Corporation Commission, will allow us to provide the residents and businesses of Waverly with high-quality, safe and reliable water service, as we have done for communities throughout Virginia for 170 years.”
“Selling Waverly's drinking water system to Virginia American Water is the best solution for our town,” said Franklin Cox, Council President, Town of Waverly. “The proceeds from the sale will greatly improve the Town's financial position allowing us to focus on other key community priorities; and, as experts, Virginia American Water can solve our water system challenges in a responsible, cost-effective manner that includes efficient deployment of capital to improve the infrastructure in our community. It’s a win-win for our community.”
Virginia American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water services to approximately 325,000 people. For more information, visit www.virginiaamwater.com and follow Virginia American Water on Twitter and Facebook.
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable, and reliable water services to our customers to help make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook, and LinkedIn.
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