Prine
A local utility is expanding to northwest Indiana.
Greenwood-based Indiana American Water, a subsidiary of American Water, announced on Tuesday the acquisition of the water system in Lowell, Ind. for $24.5 million. The water system in Lowell, which is in Lake County, was owned by the town.
Officials from Lowell and Indiana American Water said Lowell residents will benefit from Indiana American Water’s experience and expertise. Rates for Lowell residents will also become more stable, and will allow the town to meet demands of future growth, Lowell Town Council President Todd Angerman said in a news release.
“Indiana American Water already provides water service to several nearby communities, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana,” Indiana American Water President Matthew Prine said in the news release.
It is the largest acquisition by Indiana American Water in more than 20 years, the company says. The Indiana Utility Regulatory Commission approved the acquisition on Dec. 22, and the deal was closed between Lowell and the company Tuesday, according to an Indiana American Water news release.
With the acquisition, Indiana American Water has added about 4,000 water customers, representing a population of about 11,000 residents. The utility provides water and wastewater services to about 1.32 million people, according to the news release.
Indiana American Water now owns and operates more than 35 water and wastewater systems in the state, the news release says.
