New Jersey American Water Completes Acquisition of Bound Brook Sewer System
Summary
CAMDEN, N.J.--(BUSINESS WIRE)--New Jersey American Water today completed its acquisition of the wastewater collection system of the Borough of Bound Brook, N.J. for $5 million. As part of the acquisition agreement, New Jersey American Water committed to invest more than $11 million in critical sewer system improvements in the next ten years. “Selling the sewer system to New Jersey American Water was the best solution for our town,” said Bob Fazen, Mayor, Bound Brook Borough. “The sale proceeds will enable us to pay down the Borough’s municipal debt and stabilize, and even potentially reduce, property taxes for our residents.” “In addition to the financial benefits for the borough, transferring the ownership of the Bound Brook sewer system gives our Department of Public Works staff the ability to focus on road and public area improvements and other essential projects while not having to manage the daily demands of sewer maintenance and emergency repairs,” added Bound Brook Council President Abel Gomez. The company employs more than 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states.