Area utility company acquired for $1.6M

Missouri American Water, a subsidiary of Voorhees, N.J.-based American Water Works Co. (NYSE: AWK), has acquired Branson-based utility company Roark Water & Sewer Inc. for $1.6 million.

The move adds approximately 675 water customers and 635 wastewater customers in Stone and Taney counties to Missouri American Water's customer base, according to a news release from the company.

Missouri American Water counts Joplin as one of its major service areas. According to its Web site, approximately 3,200 customers' homes were destroyed in the May 22 tornado.

"The acquisition of this system gives Roark customers access to full-time water and wastewater professionals and our convenient customer service center that is available 24/7," said Matthew Barnhart, Missouri American Water's southwest operations manager, in the release. "It serves to expand our existing footprint of operations in southwest Missouri."

The Missouri Public Service Commission approved the acquisition April 27, according to its Web site.

Missouri American Water, an investor-owned water utility, provides water and wastewater services to approximately 1.5 million people statewide. Its parent company, American Water Works - which was founded in 1886 - employs more than 7,000 people and provides drinking water, wastewater and other services to roughly 15 million people in 30 states and in Canada, according to the release.

As of 11:05 a.m., American Water Works shares were trading at $28.08, compared to a 52-week range of $20.97 to $30.70.[[In-content Ad]]