Middlesex Water Company Announces 5% Discount to Dividend Reinvestment Plan
ParticipantsISELIN, NJ--December 23, 2009 - Middlesex Water Company (NASDAQ: MSEX) today announced that, for a limited period of time, it plans to offer shares of its Common Stock at a 5% discount to participants in the Company's Amended and Restated Dividend Reinvestment and Common Stock Purchase Plan ("Plan"). This offer applies to all Common Stock purchases made under the Plan between February 1, 2010 and June 1, 2010, whether by optional cash payment or by dividend reinvestment. During this discount period, the purchase price of the shares will be 95% of the fair market value of the shares on the purchase dates, as described in the Company's Plan Prospectus dated August 28, 2009 ("Plan Prospectus") if purchased through the Plan.
Purchases made at the reduced price and then subsequently withdrawn from the Plan within six months after purchase will be subject to a withdrawal fee equal to the original 5% purchase price discount times the number of shares withdrawn, but not exceeding the number of shares actually purchased at the discount by the withdrawing shareholder.
The terms and conditions of the Plan, the discount purchase details and instructions for enrolling in the Plan are set forth in the Plan Prospectus, which is available online at the Company's website: www.middlesexwater.com under Investor Relations. Copies of the Prospectus may also be obtained by calling the Investor Relations Department at (732) 634-1500. The Company has filed with the Securities and Exchange Commission ("SEC") a Registration Statement on Form S-3 (No. 333-160757) for the Plan. The entire registration statement, which includes the Plan Prospectus, can be viewed online at the SEC's website: www.sec.gov. This announcement is not an offer to sell or a solicitation to buy securities, which can be made only by means of the Plan Prospectus.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, provides regulated and unregulated water and wastewater utility services in New Jersey and Delaware through various subsidiary companies. For additional information regarding Middlesex Water Company, visit the Company's web site at www.middlesexwater.com or call (732) 634-1500.
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.
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Saturday, December 26, 2009
‘World Water Monitoring Day’ Specified by EPA as Normal Activities Throughout the Year
‘World Water Monitoring Day’ Specified by EPA as Normal Activities Throughout the Year
TAIPEI, Taiwan--‘World Water Monitoring Day’ (WWMD) is an event of global concern for the water quality of the environment, aimed at encouraging people around the world to care about water quality and work together to preserve the Earth’s water resources. With enthusiastic responses from the nations, the activities marking WWMD are specified as all-year-round ones since 2009, carried out from March 22 (the‘World Water Day’, one of the major United Nations environmental events) till December 31.
In order to encourage people of Taiwan to care about water quality and working together to preserve water resources, Environmental Protection Administration (EPA) of Executive Yuan had called for the popular participation in the WWMD activities since 2003, and held seminars to groom seed teachers in the hope of planting the roots of environmental education. By promoting the public participation in environmental protection, EPA hopes to raise the public’s environment awareness and train environment monitoring volunteers.
E.Y. EPA and Environmental Protection Bureau (EPB) of Hsinchu City recently co-sponsored the 2009 WWMD ‘All People Working Together’ activities to monitor river water quality, and the VIPs present at the September 30 event include the deputy director of Department of Environmental Monitoring ＆ Information Management of E.Y. EPA Fang Shu-Hui, deputy mayor of Hsinchu City Chen Chuan-Gui, deputy director of Hsinchu EPB Chiang Shen-Ren and so on.
EPA said the Taiwan cities’ WWMD-related activities were carried out simultaneously with countries around the world, allowing Taiwan integrate into the whole world and do its part as a Global village member to preserve the water resources on Earth, so that people’s attention would be aroused and everybody in the world can enjoy clean and safe water.
Source of this release: Environmental Protection Administration, Executive Yuan, Taiwan
Contacts
for Environmental Protection Administration (EPA) of Executive YuanWen Hong Ann, 886-25051180-797hongann@mail.cna.com.tw
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TAIPEI, Taiwan--‘World Water Monitoring Day’ (WWMD) is an event of global concern for the water quality of the environment, aimed at encouraging people around the world to care about water quality and work together to preserve the Earth’s water resources. With enthusiastic responses from the nations, the activities marking WWMD are specified as all-year-round ones since 2009, carried out from March 22 (the‘World Water Day’, one of the major United Nations environmental events) till December 31.
In order to encourage people of Taiwan to care about water quality and working together to preserve water resources, Environmental Protection Administration (EPA) of Executive Yuan had called for the popular participation in the WWMD activities since 2003, and held seminars to groom seed teachers in the hope of planting the roots of environmental education. By promoting the public participation in environmental protection, EPA hopes to raise the public’s environment awareness and train environment monitoring volunteers.
E.Y. EPA and Environmental Protection Bureau (EPB) of Hsinchu City recently co-sponsored the 2009 WWMD ‘All People Working Together’ activities to monitor river water quality, and the VIPs present at the September 30 event include the deputy director of Department of Environmental Monitoring ＆ Information Management of E.Y. EPA Fang Shu-Hui, deputy mayor of Hsinchu City Chen Chuan-Gui, deputy director of Hsinchu EPB Chiang Shen-Ren and so on.
EPA said the Taiwan cities’ WWMD-related activities were carried out simultaneously with countries around the world, allowing Taiwan integrate into the whole world and do its part as a Global village member to preserve the water resources on Earth, so that people’s attention would be aroused and everybody in the world can enjoy clean and safe water.
Source of this release: Environmental Protection Administration, Executive Yuan, Taiwan
Contacts
for Environmental Protection Administration (EPA) of Executive YuanWen Hong Ann, 886-25051180-797hongann@mail.cna.com.tw
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Wednesday, December 23, 2009
Water Stocks News -Pure Technologies ( TSX-V: PUR) Announces New SmartBall(R) Licensee
CALGARY, Dec. 23 Pure Technologies Ltd.,( TSX-V: PUR), announced today that Applus RTD, a leading international non-destructive testing and inspection company, has purchased a license for Pure's SmartBall(R) water leak detection system for the Benelux countries (Belgium, Netherlands and Luxembourg). This is the third SmartBall(R) license sold this year, following similar commitments from Mouchel plc for the UK and Ireland, and Rand Water Services for Southern Africa.
Commenting on the development, Mike Wrigglesworth, Pure's Vice President for the Middle East and Africa, stated that this new license agreement was an indication of the increasing acceptance of SmartBall(R) as an effective and cost-efficient leak detection system for trunk mains.
ABOUT APPLUS RTD GROUP
With headquarters in the Netherlands, and offices in thirty-one countries, Applus RTD Group (www.applusrtd.com) is an international company specialized in non-destructive testing, inspection and asset integrity management. The company provides a wide range of NDT and inspection services ranging from specialized pipeline testing, on-stream monitoring and scanning, detailed inspection and data management through to integrity management. With its specialized team, Applus RTD is partners in providing custom-made solutions to all questions about water-related inspections.
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international technology and services company which has developed patented technologies for inspection, monitoring and management of critical infrastructure around the world. Pure operates from its headquarters in Calgary, Canada and through subsidiaries in Maryland, New Jersey, and the UK. Pure's proprietary product portfolio includes SoundPrint(R), a continuous acoustic structural monitoring system for buildings, bridges and structures; SoundPrint(R) AFO, a fiber-optic distributed acoustic sensing system for monitoring and surveillance of pipelines; and SmartBall(R), a revolutionary new leak detection technology for water, wastewater and hydrocarbon pipelines.
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and the Company's actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of Management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, the Company's filings with Securities Regulators (www.sedar.com).
(R) Registered Trademarks, property of Pure Technologies Ltd.
"The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release"
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CALGARY, Dec. 23 Pure Technologies Ltd.,( TSX-V: PUR), announced today that Applus RTD, a leading international non-destructive testing and inspection company, has purchased a license for Pure's SmartBall(R) water leak detection system for the Benelux countries (Belgium, Netherlands and Luxembourg). This is the third SmartBall(R) license sold this year, following similar commitments from Mouchel plc for the UK and Ireland, and Rand Water Services for Southern Africa.
Commenting on the development, Mike Wrigglesworth, Pure's Vice President for the Middle East and Africa, stated that this new license agreement was an indication of the increasing acceptance of SmartBall(R) as an effective and cost-efficient leak detection system for trunk mains.
ABOUT APPLUS RTD GROUP
With headquarters in the Netherlands, and offices in thirty-one countries, Applus RTD Group (www.applusrtd.com) is an international company specialized in non-destructive testing, inspection and asset integrity management. The company provides a wide range of NDT and inspection services ranging from specialized pipeline testing, on-stream monitoring and scanning, detailed inspection and data management through to integrity management. With its specialized team, Applus RTD is partners in providing custom-made solutions to all questions about water-related inspections.
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international technology and services company which has developed patented technologies for inspection, monitoring and management of critical infrastructure around the world. Pure operates from its headquarters in Calgary, Canada and through subsidiaries in Maryland, New Jersey, and the UK. Pure's proprietary product portfolio includes SoundPrint(R), a continuous acoustic structural monitoring system for buildings, bridges and structures; SoundPrint(R) AFO, a fiber-optic distributed acoustic sensing system for monitoring and surveillance of pipelines; and SmartBall(R), a revolutionary new leak detection technology for water, wastewater and hydrocarbon pipelines.
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and the Company's actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of Management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, the Company's filings with Securities Regulators (www.sedar.com).
(R) Registered Trademarks, property of Pure Technologies Ltd.
"The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release"
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Water Stocks News - Aqua America (NYSE: WTR) Successfully Accesses Capital Markets to Support $300 Million Annual Infrastructure Improvement Program
Water Stocks News - Aqua America (NYSE: WTR) Successfully Accesses Capital Markets to Support $300 Million Annual Infrastructure Improvement Program
Aqua Pennsylvania renews revolving credit line
BRYN MAWR, Pa.---Aqua America, Inc. (NYSE: WTR) announced today that the company completed a $50 million private placement of unsecured senior notes at an annual interest rate of 4.72 percent over 10 years. Proceeds from the financing will be used to refinance a $20 million, 9.12 percent note that matures in January 2010 and in support of the company’s significant capital budget.
Aqua America also announced that, on December 2, the company’s largest subsidiary, Aqua Pennsylvania, Inc., renewed its $70 million revolving credit line at 125 basis points over the one-month LIBOR rate. Aqua Pennsylvania is rated A+ by Standard and Poor’s. At today’s one-month LIBOR rate of 0.23 percent, the total interest rate would be 1.48 percent.
These financing activities, along with other low-cost borrowing completed in 2009, have allowed Aqua America to lower its imbedded cost of debt for the tenth consecutive year in 2009, which benefits both customers and shareholders. These financings will allow the company to continue to invest in infrastructure improvements to enhance reliability and service to customers in a cost-effective manner given the low-interest-rate debt Aqua has been able to access. Over the next five years, Aqua America expects that its operating subsidiaries will spend roughly $1.5 billion on infrastructure improvements, most of which will be funded by internally generated cash.
Aqua America Chairman and CEO Nicholas DeBenedictis said, “Our management team continues to work diligently to lower the company’s cost of debt, which allows Aqua to continue to maintain its growth business model and finance infrastructure projects that will improve water quality and reliability and benefit the local economy. Aqua remains positioned to make needed capital investments to improve the nation’s water and wastewater infrastructure and provide affordable service for future generations. Aqua’s strong financial position has enabled the company to access the capital markets at favorable rates and thereby pass those savings along to customers.”
Aqua America, Inc. is a publicly traded water and wastewater utility with operating subsidiaries serving approximately three million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, South Carolina and Georgia. Aqua America is listed on the New York Exchange under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the effect of the company’s financial position on the company’s financing, access to the capital markets and capital investment program, the effect of the company’s efforts to lower its cost of debt, the expected use of the proceeds from the financings and the company’s projected capital spending levels. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, disruption in the credit markets, the success of growth initiatives, and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.
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Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Aqua Pennsylvania renews revolving credit line
BRYN MAWR, Pa.---Aqua America, Inc. (NYSE: WTR) announced today that the company completed a $50 million private placement of unsecured senior notes at an annual interest rate of 4.72 percent over 10 years. Proceeds from the financing will be used to refinance a $20 million, 9.12 percent note that matures in January 2010 and in support of the company’s significant capital budget.
Aqua America also announced that, on December 2, the company’s largest subsidiary, Aqua Pennsylvania, Inc., renewed its $70 million revolving credit line at 125 basis points over the one-month LIBOR rate. Aqua Pennsylvania is rated A+ by Standard and Poor’s. At today’s one-month LIBOR rate of 0.23 percent, the total interest rate would be 1.48 percent.
These financing activities, along with other low-cost borrowing completed in 2009, have allowed Aqua America to lower its imbedded cost of debt for the tenth consecutive year in 2009, which benefits both customers and shareholders. These financings will allow the company to continue to invest in infrastructure improvements to enhance reliability and service to customers in a cost-effective manner given the low-interest-rate debt Aqua has been able to access. Over the next five years, Aqua America expects that its operating subsidiaries will spend roughly $1.5 billion on infrastructure improvements, most of which will be funded by internally generated cash.
Aqua America Chairman and CEO Nicholas DeBenedictis said, “Our management team continues to work diligently to lower the company’s cost of debt, which allows Aqua to continue to maintain its growth business model and finance infrastructure projects that will improve water quality and reliability and benefit the local economy. Aqua remains positioned to make needed capital investments to improve the nation’s water and wastewater infrastructure and provide affordable service for future generations. Aqua’s strong financial position has enabled the company to access the capital markets at favorable rates and thereby pass those savings along to customers.”
Aqua America, Inc. is a publicly traded water and wastewater utility with operating subsidiaries serving approximately three million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, South Carolina and Georgia. Aqua America is listed on the New York Exchange under the ticker symbol WTR.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the effect of the company’s financial position on the company’s financing, access to the capital markets and capital investment program, the effect of the company’s efforts to lower its cost of debt, the expected use of the proceeds from the financings and the company’s projected capital spending levels. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, disruption in the credit markets, the success of growth initiatives, and other factors discussed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.
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Wednesday, December 16, 2009
Water Stocks News - Pall Corporation (NYSE: PLL) to Present Strategic Plan December 17 Investor Day to Be Webcast Live
Water Stocks News - Pall Corporation (NYSE: PLL) to Present Strategic Plan December 17 Investor Day to Be Webcast Live
PORT WASHINGTON, N.Y.---Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, is refreshing its five-year plan originally presented to investors in October of 2008. The event will take place on December 17, 2009 from 9:00 a.m. to approximately 11:00 a.m. ET and is being webcast live.
This Investor Day event will feature presentations by Eric Krasnoff, chairman and CEO; Don Stevens, president; Lisa McDermott, CFO and other members of the Pall senior management team. They will share broad business and financial plans along with target expectations through the end of fiscal 2013.
The Company will announce that by the end of fiscal year 2013, it is targeting a four-year compounded annual sales growth rate (sales CAGR) in the range of 5 1/2% to 8% in local currency. Using current exchange rates for planning purposes only, the sales CAGR would approximate 7% to 9 1/2% for this four-year period. Earnings per share in fiscal year 2013 are targeted to range from $3.67 to $4.77.
The event will be broadcast live on the internet and available through the Investor Relations section of Pall's website at http://www.pall.com/irevents. Listening to the webcast requires audio speakers and Microsoft Windows Media Player or Real Player audio software. The webcast will be archived for 30 days.
About Pall Corporation
Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing Total Fluid ManagementSM solutions to meet the critical needs of customers in biopharmaceutical, hospital and transfusion medicine, energy and alternative energy, electronics, municipal and industrial water, aerospace, transportation and broad industrial markets. Together with our customers, we foster health, safety and environmentally responsible technologies. The company’s engineered solutions enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.3 billion for fiscal 2009, is an S&P 500 company with more than 10,000 employees servicing customers worldwide. Pall has been named a top "green company" by Newsweek magazine. To see how Pall is helping enable a greener and more sustainable future, visit Pall at http://www.pall.com.
Forward-Looking Statements
The matters discussed in this release contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.
All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as “anticipate”, “should”, “believe”, “estimate”, “expect”, “intend”, “plan”, “predict”, “potential” or similar expressions about matters that are not historical facts. Forward-looking statements contained in this and other written and oral reports are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2009, and other reports the Company files with the Securities and Exchange Commission; the impact of the current global recessionary environment and its likely depth and duration; the current credit market constraints, volatility in currency exchange rates and energy costs and other macro economic challenges currently affecting the Company, our customers (including their cash flow and payment practices) and vendors; the effectiveness of our initiatives to mitigate the impact of the current economic environment; and the Company’s ability to successfully complete its business improvement initiatives that include integrating and upgrading its information systems and the effect of a serious disruption in the Company’s information systems on its business and results of operations. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them.
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PORT WASHINGTON, N.Y.---Pall Corporation (NYSE: PLL), a global leader in filtration, separation and purification, is refreshing its five-year plan originally presented to investors in October of 2008. The event will take place on December 17, 2009 from 9:00 a.m. to approximately 11:00 a.m. ET and is being webcast live.
This Investor Day event will feature presentations by Eric Krasnoff, chairman and CEO; Don Stevens, president; Lisa McDermott, CFO and other members of the Pall senior management team. They will share broad business and financial plans along with target expectations through the end of fiscal 2013.
The Company will announce that by the end of fiscal year 2013, it is targeting a four-year compounded annual sales growth rate (sales CAGR) in the range of 5 1/2% to 8% in local currency. Using current exchange rates for planning purposes only, the sales CAGR would approximate 7% to 9 1/2% for this four-year period. Earnings per share in fiscal year 2013 are targeted to range from $3.67 to $4.77.
The event will be broadcast live on the internet and available through the Investor Relations section of Pall's website at http://www.pall.com/irevents. Listening to the webcast requires audio speakers and Microsoft Windows Media Player or Real Player audio software. The webcast will be archived for 30 days.
About Pall Corporation
Pall Corporation (NYSE:PLL) is a filtration, separation and purification leader providing Total Fluid ManagementSM solutions to meet the critical needs of customers in biopharmaceutical, hospital and transfusion medicine, energy and alternative energy, electronics, municipal and industrial water, aerospace, transportation and broad industrial markets. Together with our customers, we foster health, safety and environmentally responsible technologies. The company’s engineered solutions enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.3 billion for fiscal 2009, is an S&P 500 company with more than 10,000 employees servicing customers worldwide. Pall has been named a top "green company" by Newsweek magazine. To see how Pall is helping enable a greener and more sustainable future, visit Pall at http://www.pall.com.
Forward-Looking Statements
The matters discussed in this release contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995.
All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as “anticipate”, “should”, “believe”, “estimate”, “expect”, “intend”, “plan”, “predict”, “potential” or similar expressions about matters that are not historical facts. Forward-looking statements contained in this and other written and oral reports are based on current Company expectations and are subject to risks and uncertainties, which could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2009, and other reports the Company files with the Securities and Exchange Commission; the impact of the current global recessionary environment and its likely depth and duration; the current credit market constraints, volatility in currency exchange rates and energy costs and other macro economic challenges currently affecting the Company, our customers (including their cash flow and payment practices) and vendors; the effectiveness of our initiatives to mitigate the impact of the current economic environment; and the Company’s ability to successfully complete its business improvement initiatives that include integrating and upgrading its information systems and the effect of a serious disruption in the Company’s information systems on its business and results of operations. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them.
__________________________________
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Monday, December 14, 2009
Cherry-bottled Water Tax Threatens Michigan Manufacturers, Jobs and Economy, According to Nestle Waters North America
STANWOOD, Mich., Dec. 14 /-- Nestle Waters North America (http://www.nestle-watersna.com), parent company of west Michigan-based Ice Mountain bottled water company, said an unconstitutional proposal put forward by Lt. Governor and gubernatorial candidate John Cherry this week threatens the thousands of clean, good paying jobs Michigan's water bottlers provide and would weaken producers' viability to operate in Michigan.
"Like every Michigan employer, we rely on an educated workforce. The Lt. Governor's proposal, however, will only penalize Michigan employers and risk jobs. The proposal could also drive some bottlers to supply products from outside the state to remain competitive on the price consumers pay for bottled water products," said Brian Flaherty, Vice President of Government Affairs for Nestle Waters. "The proposal would create an uneven playing field for those of us invested in Michigan that could not reasonably be sustained.
"Our team at Ice Mountain focuses on responsibly providing a purely Michigan product that is healthy, well liked, and often necessary in times of disaster. The jobs we provide in Michigan are important to the families of our employees, the community and state. We will protect these jobs by opposing any tax proposal that unfairly singles out our business."
Lt. Gov. Cherry announced a proposal to place 10-cent tax per bottle on bottled water manufactured in Michigan to fund education scholarships cut in recent state budget scale-backs. The tax would not be imposed on the hundreds of beverage products manufactured outside the state but which are sold at Michigan retailers.
"Let's look at the math," said Flaherty. "Most bottled water is purchased in cases of 24 bottles of .5 liter size, for about or less than $4.00 per case -- putting the price per bottle at about 16 cents. A 10-cent per bottle tax on Michigan manufactured products nearly doubles the price for consumers, and would be unsustainable in the highly competitive beverage marketplace.
"Consumers are very savvy, and rarely could be convinced to pay nearly double for Michigan-produced bottle water when lesser-priced options exist," said Flaherty. "I challenge you to ask consumers if they'd pay $6.50 for a case when they can pay less than $4 for the same product made elsewhere."
The proposal would also halt or slow further investment by Michigan bottlers into new Michigan facilities and manufacturing equipment upgrades that would create additional jobs.
Water bottlers are an important part of the Michigan economy, and provide tax revenues locally and to the state.
Michigan bottlers employ approximately 15,000 people in the state, either directly or indirectly through suppliers and vendors. In 2008, bottled water production was responsible for nearly $2.4 billion in total economic activity in Michigan, with the industry and its employees paying over $16.3 million in property, income and sales taxes. www.bottledwater.org
Nestle Waters employs 250 – 300 people at its Stanwood, Michigan operations, with an annual payroll of more than $16 million. Worker wages and benefits, including health, dental and vision insurance, and retirement savings, exceed $40,000 annually. Nestle Waters is among leading local taxpayers, generating approximately $2 million annually for local government services and schools.
As presented, the Cherry proposal is unconstitutional, as since 1974, Michigan's state constitution exempts food products from sales or use tax. (Mich. Const. of 1963, art. IX, sub section 8). In addition, bottled water is classified by the U.S. Food and Drug Administration and the State of Michigan as a packaged food product.
"This proposal sends up a perverse incentive that would work against good Michigan jobs and the state collecting revenues. It reveals an approach to governing that would punish good Michigan jobs and reward out of state companies. It doesn't make sense for a state looking to retain and grow good jobs necessary to supporting valid priorities like education."
About Nestle Waters North America
Central to the leadership of Nestle Waters North America Inc. is its 33-year history and single-focus on producing bottled water products. The company's dedication to product quality, manufacturing expertise, employee development and environmental stewardship, especially in the areas of water use, energy and packaging, has helped Nestle Waters become the number one bottled water company in the U.S. To reach success, the company follows its credo: Respect for each other, respect for the environment, and respect for the community. To learn more, visit http://www.nestlewatersna.com/index.
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"Like every Michigan employer, we rely on an educated workforce. The Lt. Governor's proposal, however, will only penalize Michigan employers and risk jobs. The proposal could also drive some bottlers to supply products from outside the state to remain competitive on the price consumers pay for bottled water products," said Brian Flaherty, Vice President of Government Affairs for Nestle Waters. "The proposal would create an uneven playing field for those of us invested in Michigan that could not reasonably be sustained.
"Our team at Ice Mountain focuses on responsibly providing a purely Michigan product that is healthy, well liked, and often necessary in times of disaster. The jobs we provide in Michigan are important to the families of our employees, the community and state. We will protect these jobs by opposing any tax proposal that unfairly singles out our business."
Lt. Gov. Cherry announced a proposal to place 10-cent tax per bottle on bottled water manufactured in Michigan to fund education scholarships cut in recent state budget scale-backs. The tax would not be imposed on the hundreds of beverage products manufactured outside the state but which are sold at Michigan retailers.
"Let's look at the math," said Flaherty. "Most bottled water is purchased in cases of 24 bottles of .5 liter size, for about or less than $4.00 per case -- putting the price per bottle at about 16 cents. A 10-cent per bottle tax on Michigan manufactured products nearly doubles the price for consumers, and would be unsustainable in the highly competitive beverage marketplace.
"Consumers are very savvy, and rarely could be convinced to pay nearly double for Michigan-produced bottle water when lesser-priced options exist," said Flaherty. "I challenge you to ask consumers if they'd pay $6.50 for a case when they can pay less than $4 for the same product made elsewhere."
The proposal would also halt or slow further investment by Michigan bottlers into new Michigan facilities and manufacturing equipment upgrades that would create additional jobs.
Water bottlers are an important part of the Michigan economy, and provide tax revenues locally and to the state.
Michigan bottlers employ approximately 15,000 people in the state, either directly or indirectly through suppliers and vendors. In 2008, bottled water production was responsible for nearly $2.4 billion in total economic activity in Michigan, with the industry and its employees paying over $16.3 million in property, income and sales taxes. www.bottledwater.org
Nestle Waters employs 250 – 300 people at its Stanwood, Michigan operations, with an annual payroll of more than $16 million. Worker wages and benefits, including health, dental and vision insurance, and retirement savings, exceed $40,000 annually. Nestle Waters is among leading local taxpayers, generating approximately $2 million annually for local government services and schools.
As presented, the Cherry proposal is unconstitutional, as since 1974, Michigan's state constitution exempts food products from sales or use tax. (Mich. Const. of 1963, art. IX, sub section 8). In addition, bottled water is classified by the U.S. Food and Drug Administration and the State of Michigan as a packaged food product.
"This proposal sends up a perverse incentive that would work against good Michigan jobs and the state collecting revenues. It reveals an approach to governing that would punish good Michigan jobs and reward out of state companies. It doesn't make sense for a state looking to retain and grow good jobs necessary to supporting valid priorities like education."
About Nestle Waters North America
Central to the leadership of Nestle Waters North America Inc. is its 33-year history and single-focus on producing bottled water products. The company's dedication to product quality, manufacturing expertise, employee development and environmental stewardship, especially in the areas of water use, energy and packaging, has helped Nestle Waters become the number one bottled water company in the U.S. To reach success, the company follows its credo: Respect for each other, respect for the environment, and respect for the community. To learn more, visit http://www.nestlewatersna.com/index.
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Water Stocks News - American Water (NYSE:AWK) Acquires Environmental Management Corporation
Acquisition Gives Company Stronger Presence in Industrial Contract Operations Market
VOORHEES, N.J.----American Water (NYSE:AWK), the largest investor-owned U.S. water and wastewater utility company, announced today that its subsidiary, American Water Enterprises, has acquired Environmental Management Corporation (EMC) from The Linde Group. EMC, a Missouri based company, provides integrated solutions for water, wastewater, and other related assets. EMC has approximately 55 contract operations with industrial and municipal customers in the United States and Canada.
"American Water is very pleased to add a company of the caliber of EMC to our business,” said Don Correll, president and CEO of American Water, “EMC has solid experience in the development of sustainable and innovative solutions for the management of water and wastewater needs, as well as a portfolio of contracts that is very complementary to American Water Enterprises’ existing business. This acquisition will also bring a new element to AWE’s business with the addition of EMC’s large base of industrial customers and it will contribute to the earnings growth goals of American Water.”
EMC was formed in 1980 as a contract operations firm with a focus on municipal wastewater and water operations. For over twenty years, EMC experienced steady growth and, by 2001, became one of the largest privately held contract operators in the United States. From 2002 to 2008, EMC transformed itself from a traditional operator to an integrated solutions provider, which allowed it to diversify its customer base to include the private sector in a variety of industries. With almost 300 employees and revenues of approximately $50 million in 2008, EMC provides its contract services for up to 20-year terms.
“Combining the expertise of EMC with AWE’s knowledge is very exciting,” said Mark Strauss, president of American Water Enterprises. “We look forward to leveraging the capabilities and strengths of both companies as we continue to deliver reliable service to our current customers and provide further water solutions to new customers.”
American Water Enterprises represents the non-regulated side of American Water’s business, which includes:
its Contract Operations group, which enters into public/private partnerships, including operation and maintenance and design/build/operate contracts for the provision of services to water and wastewater facilities for municipalities, the United States military and other customers; its Applied Water Management Group, which works with customers to design, build, and operate small water and wastewater systems; its Homeowner Services Group, which provides services to domestic homeowners and municipalities to protect against the cost of repairing broken or leaking pipes inside and outside their homes; and Terratec Environmental, Ltd., which primarily provides wastewater, residuals, transport, disposal and management services to municipal and industrial customers in Ontario, Canada
While American Water does not believe the acquisition price is material to its business, the purchase price will not be disclosed pursuant to the terms of the acquisition agreement. EMC will operate as a separate business unit of AWE for the remainder of the year and into early next year as a team made up of representatives of both companies work to ensure a smooth transition for employees and customers.
“EMC and AWE share the same strong commitment to customers and employees,” added Strauss. “We will work together to build upon that commitment and capitalize on the talents of two great companies.”
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. Headquartered in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada. More information can be found by visiting www.amwater.com.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements about the Company, including statements that involve risks and uncertainties concerning the Company’s acquisition of EMC, estimates of future results of operations and general business outlook. When used in this press release, the words “anticipates,” “estimates,” “may,” “can,” “will,” “believes,” “expects,” “projects,” “intends,” “likely,” similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the Company’s control, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that anticipated synergies of the combined companies may not be achieved after closing, the combined operations may not be successfully integrated in a timely manner, if at all, general economic conditions in regions in which either companies do business, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company.
For further information regarding risks and uncertainties associated with American Water’s business, please refer to American Water’s annual, quarterly and periodic SEC filings. The Company undertakes no duty to update any forward-looking statement.
Contact:American WaterMaureen Duffy, 856-309-4546
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VOORHEES, N.J.----American Water (NYSE:AWK), the largest investor-owned U.S. water and wastewater utility company, announced today that its subsidiary, American Water Enterprises, has acquired Environmental Management Corporation (EMC) from The Linde Group. EMC, a Missouri based company, provides integrated solutions for water, wastewater, and other related assets. EMC has approximately 55 contract operations with industrial and municipal customers in the United States and Canada.
"American Water is very pleased to add a company of the caliber of EMC to our business,” said Don Correll, president and CEO of American Water, “EMC has solid experience in the development of sustainable and innovative solutions for the management of water and wastewater needs, as well as a portfolio of contracts that is very complementary to American Water Enterprises’ existing business. This acquisition will also bring a new element to AWE’s business with the addition of EMC’s large base of industrial customers and it will contribute to the earnings growth goals of American Water.”
EMC was formed in 1980 as a contract operations firm with a focus on municipal wastewater and water operations. For over twenty years, EMC experienced steady growth and, by 2001, became one of the largest privately held contract operators in the United States. From 2002 to 2008, EMC transformed itself from a traditional operator to an integrated solutions provider, which allowed it to diversify its customer base to include the private sector in a variety of industries. With almost 300 employees and revenues of approximately $50 million in 2008, EMC provides its contract services for up to 20-year terms.
“Combining the expertise of EMC with AWE’s knowledge is very exciting,” said Mark Strauss, president of American Water Enterprises. “We look forward to leveraging the capabilities and strengths of both companies as we continue to deliver reliable service to our current customers and provide further water solutions to new customers.”
American Water Enterprises represents the non-regulated side of American Water’s business, which includes:
its Contract Operations group, which enters into public/private partnerships, including operation and maintenance and design/build/operate contracts for the provision of services to water and wastewater facilities for municipalities, the United States military and other customers; its Applied Water Management Group, which works with customers to design, build, and operate small water and wastewater systems; its Homeowner Services Group, which provides services to domestic homeowners and municipalities to protect against the cost of repairing broken or leaking pipes inside and outside their homes; and Terratec Environmental, Ltd., which primarily provides wastewater, residuals, transport, disposal and management services to municipal and industrial customers in Ontario, Canada
While American Water does not believe the acquisition price is material to its business, the purchase price will not be disclosed pursuant to the terms of the acquisition agreement. EMC will operate as a separate business unit of AWE for the remainder of the year and into early next year as a team made up of representatives of both companies work to ensure a smooth transition for employees and customers.
“EMC and AWE share the same strong commitment to customers and employees,” added Strauss. “We will work together to build upon that commitment and capitalize on the talents of two great companies.”
Founded in 1886, American Water is the largest investor-owned U.S. water and wastewater utility company. Headquartered in Voorhees, N.J., the company employs more than 7,000 dedicated professionals who provide drinking water, wastewater and other related services to approximately 15 million people in 32 states and Ontario, Canada. More information can be found by visiting www.amwater.com.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements about the Company, including statements that involve risks and uncertainties concerning the Company’s acquisition of EMC, estimates of future results of operations and general business outlook. When used in this press release, the words “anticipates,” “estimates,” “may,” “can,” “will,” “believes,” “expects,” “projects,” “intends,” “likely,” similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the Company’s control, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this press release due to a number of risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that anticipated synergies of the combined companies may not be achieved after closing, the combined operations may not be successfully integrated in a timely manner, if at all, general economic conditions in regions in which either companies do business, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company.
For further information regarding risks and uncertainties associated with American Water’s business, please refer to American Water’s annual, quarterly and periodic SEC filings. The Company undertakes no duty to update any forward-looking statement.
Contact:American WaterMaureen Duffy, 856-309-4546
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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