Yorkshire Water buys Aquarion
Yorkshire Water has purchased Aquarion, an American water company serving parts of Connecticut and Long Island, New York.
The $440 million (£273 million) Aquarion deal is part of the Yorkshire Water’s development strategy to buy utility and environmental service businesses in Europe and elsewhere in the world.
Aquarion is one of the ten largest investor-owned companies in the US. Its timber, real-estate and water facility contract operations serve 500,000 people in Connecticut and New York. The company had a 1998 turnover of $115.7 million and a net income after tax of $20 million.
The announcement was made as the company published its year-end results. At the same time, Yorkshire Water plc announced proposals to change the Group name to Kelda Group, subject to shareholder approval in August. This will end the long-standing confusion of the similar names of the plc and the core regional water and sewerage business, Yorkshire Water Services.
Kevin Bond, chief executive, “The development of the Group means that we are now a national and international business. At the same time the core water business has undergone significant change and is in good shape to tackle the challenges of a changing water industry, and to emphasise its continuing commitment to service, compliance and value.”
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