Middlesex Water Subsidiary Awarded Water Privatization Contract for Dover Air Force Base System
Sep 26, 2013
Middlesex Water Company (Nasdaq:MSEX), a provider of water, wastewater and related services, today announced it has entered into an agreement through its subsidiary, Tidewater Utilities, Inc. with the U.S. Department of Defense for the privatization of the water system of Dover Air Force Base (DAFB) in Dover, Delaware.
Tidewater, also located in Dover, will provide DAFB with potable water service under a 50-year agreement. Tidewater intends to integrate the DAFB water system into its regulated utility operations, subject to Delaware Public Service Commission regulatory approval. Tidewater will own and maintain all DAFB water utility assets and make all necessary capital improvements to provide continued reliable utility service to the Base. Once implemented, the privatization is expected to be accretive to earnings immediately.
DAFB executes hundreds of missions throughout the world and provides 25 percent of the Nation's strategic airlift capability, projecting global reach to over 100 countries around the world. The Base operates the largest and busiest air freight terminal in the Department of Defense and is also home to the Air Mobility Command Museum, which welcomes thousands of visitors each year.
"Our company is extraordinarily proud to have a modest role in support of the mission of the 436th and 512th Airlift Wings at Dover Air Force Base, a premier U.S. military facility and, a neighbor to us in Dover," said Dennis Doll, Middlesex President & CEO. "The community outreach by the Base over time has provided a humbling opportunity for us to understand firsthand, the incredible contributions and sacrifices made by the many military personnel and civilian employees on Base, in support of our troops and their families," added Doll.
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